ISA 2024 Change Summary
An Individual Savings Account (ISA) allows you to save up to £20,000 each year, tax-free. Because all interest is tax-free, it won’t count towards your Personal Savings Allowance.
In November 2023, the Chancellor announced several changes in the Autumn Statement, which will be implemented from 6 April 2024.
The summary below only refers to changes affecting Cash ISAs, as this is currently the only type of ISA we offer. For full details on all ISA changes, visit the gov.uk website and search ‘ISA changes’.
Minimum age increased
The minimum age to open a Cash ISA will be increased from 16 to 18 years old.
This change is mandatory – all ISA providers must abide by the new minimum age.
Our minimum age is already 18, so we have no change to make.
No need to reapply
Before these changes, savers and investors needed to reapply for ISAs they already held if the account was not funded in one tax year. This rule will now be removed, and ISAs will remain open to fund.
This changeis optional – so each ISA provider can choose whether they will implement the need to reapply.
As we only currently offer Fixed Rate Cash ISAs, this rule does not affect our customers, as the product terms and conditions require the account to be funded within a set timeframe, or it is automatically closed.
Allow subscriptions to multiple ISAs of the same type
With the exception of Lifetime ISA, HMRC has made it possible to subscribe to more than one ISA of the same type within the tax year. All subscriptions must remain within the overall ISA limit of £20,000.
This change is optional – so each ISA provider can choose whether to allow more than one ISA of the same type in the same tax year.
We will not be allowing subscriptions to more than one Cash ISA in 2024/25, though we may review this in the future in line with customer demand.
Partial transfers
HMRC has removed the restriction on partial transfers from the current tax year. This means you can transfer part of your account balance from one ISA provider to another and keep some funds with your existing provider.
This change is optional – so each ISA provider can choose whether to allow partial transfers for current tax year deposits.
We will not allow partial transfers in or out for current tax year funds, in line with our existing product features (funds must be transferred in full). However, we may review this in future in line with customer demand.