A cash ISA may be a very useful way of maximize your savings, as their interest rates are often very competitive when compared against a number of other, similar savings products. However, it is always important to be aware of cash ISA eligibility criteria before opening an account with either your current financial provider or a new financial provider. Any person over the age of 16 is eligible to open an ISA, but they may not be permitted to withdraw from the cash ISA until they reach the age of 18. There are also a number of other eligibility requirements that the saver may be required to meet before opening a cash ISA:
- You will usually have to be a resident of the United Kingdom
- The ISA should be in your name and all financial deposits made into the account must belong to you.
- You must not hold more than one ISA account and deposit into both in the same financial year.
- If you do not deposit any finance in your cash ISA for the duration of a whole financial year, you may have to re-apply to make more deposits.
You may wish to look at our tables below for some comparisons on cash ISA deals from several different providers. It should also be remembered that rules regarding eligibility for cash ISAs may vary depending on the provider: