The way you use your ISA allowance is up to you, factoring in how much you can afford to save, and for how long.
Higher risk options like stocks and shares or innovative finance ISAs, are usually best for long-term saving, giving your money time to grow, and recover from fluctuations in the financial market. There’s a chance you could lose money if your funds fall in value.
Cash ISAs on the other hand, provide lower but more predictable returns on your savings.
It’s important to know:
- The maximum you can pay into a Lifetime ISA each tax year is £4,000.
- A Help to Buy: ISA counts as a cash ISA, so you can only have one or the other.
Lloyds Bank don’t currently offer lifetime, innovative finance or Help to Buy ISAs. However, you can transfer a Help to Buy: ISA that you hold with another bank or financial provider.
