There's a limit on how much you can save each tax year. The 2016/17 ISA yearly allowance allows you to save £15,240 a year.
You can choose to use your allowance for:
- investing in a stocks and shares ISA, saving in a cash ISA or split the allowance between a cash and stocks and shares ISA - you're allowed one of each per tax year
- you can only pay into one stocks and shares ISA in any tax year
- investing in stocks and shares offers the chance of greater returns than cash but it also carries more risks. Your investment can fall in value and you may get back less than you invested
- charges and fees apply to the management of your investment and for certain transactions. These can affect the return you may get. You need to regularly keep an eye on your investment to make sure it continues to meet your needs.