A Single Premium Investment ISA is a convenient and flexible way to invest a lump sum, tax-free.

The ISA also has the potential to out-perform cash ISAs over the longer term, whilst smoothing out the short term ups-and-downs often associated with stocks and shares ISAs. There is no specific term for an ISA, but to take full advantage we suggest saving for the medium to long-term.

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Simply put, ISAs are investments with tax advantages, which means that the money you put in will grow tax-free. The maximum allowance for ISAs is £20,000 for the current tax year (which runs from 6 April to 5 April). Four types of ISA are available - stocks and shares ISAs, cash ISAs, innovative finance ISAs and lifetime ISAs. We can offer a stocks & shares ISA, in the form of a with-profits insurance policy, which is designed for medium to long-term investments of this kind. We refer to this as an Investment ISA because the with-profits fund invests in a range of different assets including property and bonds as well as the stock market. The fund is managed to provide a low-medium risk investment.

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Anyone over the age of 18 who is a UK resident can open a plan. Please be aware that you cannot pay into a stocks & shares ISA with more than one provider in a single tax year.

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Have a lump sum you've been meaning to invest, unhappy with your cash ISA rate or perhaps want to reduce the risk by moving an existing higher risk stocks & shares ISA? A Single Premium Investment ISA could be the perfect way to save for something special. There is also the potential for tax-free growth through annual and final bonuses.

 

* The current interim bonus rate for 2023/24 is 5.25% (before a management charge of 1.25%).