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ISAs explained – Part 2

Following our previous article explaining the different types of ISAs, who can have them, and how much can be saved in each, in this article we explain ISA changes which have recently been announced.

In November 2023, the Chancellor announced changes which will take effect from 6 April 2024. From this date, the minimum age at which people can open a Cash ISA will rise to 18 years. Anyone who is aged 16 or 17 and opened a Cash ISA before 6 April 2024 can retain their account and continue to put money into it, within the ISA limits.

For 16 and 17 year olds who haven’t had an ISA before there are transitional arrangements in place so building societies and banks can choose to let them open a Cash ISA before they turn 18.

People under the age of 18 can have a Junior ISA.  The age requirement for Stocks and Shares ISAs has always been 18 and over, and that remains unchanged.

Other changes that were announced in November include:

  1. Allowing deposits into more than one ISA of the same type each year. However, the limit on deposits remains £20,000 across all your ISAs for the tax year.
  2. Allowing part of the current year’s ISA deposits to be transferred between providers.

You can find more information on the changes these changes at Money Saving Expert. If you are unsure of how the changes might affect you or your ISAs, contact your provider.


In Spring Budget on 6 March 2024 the Chancellor announced the introduction of a new ISA aimed at those who are fortunate enough to already be saving the maximum £20k in an ISA.

The UK ISA is a stocks and shares ISA that only invests in UK companies. It will have a £5,000 allowance, which is in addition to the existing ISA allowance, providing a new tax-free opportunity for people to invest in the UK. This new ISA is similar to a Stocks & Shares ISA, meaning the value of the investment can go down as well as up. They are therefore more suited to those wishing to invest for a longer term and who are prepared to take an element of risk with their money.

The date for launching the new UK ISA has not yet been set.