To be eligible to open an ISA, you must;
- Be a UK resident
- Be aged 16 or over (Cash ISA)
- Be aged 18 or over (Stocks and Shares ISA and IFISA)
- Be aged 18 - 39 (Lifetime ISA)
You can't hold an ISA on behalf of someone else, unless you open a Junior ISA for a child under the age of 18.
The type of ISA that is most suitable for you depends on a number of things, including your risk profile and investor classification.
Stocks and Shares ISAs and IFISAs are generally most suited to experienced investors (sophisticated, high-net-worth and professional). This is because they're both investment products - meaning your capital is at risk and returns are not guaranteed - with a medium/high risk profile.
On the other hand, Cash ISAs are savings products with a low risk profile - so they could be better for the more risk averse saver and/or investor.
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CARLTON Bonds are an IFISA provider specialising in fixed term property bonds.
Against a backdrop of low interest rates and a volatile stock market, the IFISA can provide an attractive investment opportunity for experienced investors.
With the ability to hold peer-to-peer loans and debt-based securities, IFISA investments have the potential to generate higher rates of return than more traditional investment routes for investors with a greater appetite for risk.
To find out more about making the most of your annual ISA allowance, download our free guide.
