Whether you are a seasoned saver or new to ISAs, there are a few things to understand to ensure you are getting the most from them.

In this article, we’ll explore the benefits of our Individual Savings Accounts (ISAs), along with the specific rules and actions you can take. 

Unlike other banks, our ISAs help to create a positive future for people and the planet. We will only ever use your money for good. Read on to learn how your ISA can align with your values. 

In short, ISAs are essentially a tax-efficient way to save or invest. Any income or growth is tax-free, allowing you to keep more of your hard-earned cash. With tax rises announced in the 2024 Autumn Statement, ISAs have become more valuable than ever. 

Keep in mind that ISA and tax rules change and that any benefits will depend on your circumstances. The features and rules of ISAs outlined here are for the 2024/25 tax year. 

1. You can save or invest up to £20,000 per tax year 

Each year, you can deposit up to £20,000 into an ISA. Any interest on savings and profits on investments will be tax-free. 

This £20,000 allowance is annual and resets every tax year. Be sure to use your allowance by 5 April and remember, if you don’t use it, you lose it!  

2. Save, invest, or do both with your ISA 

Despite the name (Individual Savings Account), you can save and/or invest with ISAs – and you can do both with Triodos. Whether you're looking for a savings ISA or an investment opportunity, we've got you covered. You can choose between the Triodos Cash ISA and Fixed Term Cash ISA for your savings. If you're interested in investing, our Stocks & Shares ISA and Innovative Finance ISAs allow you to invest in our funds or directly with industry-leading impact driven projects on the crowdfunding platform.   

3. You can have more than one ISA 

Triodos Bank offers a Stocks & Shares ISA, Cash ISA, and Innovative Finance ISA. You can mix and match these products to suit your needs. 

ISA rules now allow you to pay into two ISAs of the same type. For example, if you decide to pay into a Triodos Online Cash ISA this tax year, you can also pay into a Fixed Rate Cash ISA. 

If you choose to have more than one ISA, remember that the £20,000 tax-free allowance must be split between your ISAs. 

4. Transfer ISAs between providers 

It is now easier than ever to transfer your ISA to another provider, with greater flexibility making it simpler to partially transfer ISAs between providers. 

You can even transfer from a cash ISA to an investment ISA, and vice versa. To transfer your existing ISA to Triodos, just open a new Triodos ISA and complete an ISA transfer form. Be sure to complete the transfer form rather than trying to move the money yourself, otherwise you could lose the tax benefits. 

Be aware that stocks and shares ISA transfers can take around four weeks, Cash ISA transfers typically take about 2 weeks. 

Remember investments should be held with a long-term view, generally at least 5 years, and they can fall in value as well as rise.  

5. ISAs can reflect your values 

In a world of growing uncertainty, you can rely on Triodos to ensure your money is being used for good. Where you choose to save or invest can make a real difference to people and the planet. 

If you haven’t done so already, take some time to research your bank and learn how they use your money. You might be surprised at what you discover. If your bank doesn’t reflect your values, consider switching to an ISA with impact.