Usually, but this will depend on who you hold the ISA with. Some Stocks & Shares ISAs may have exit penalties if money is withdrawn within a certain timeframe and some Cash ISAs may have a minimum timescale in order to benefit from a better interest rate.

It is important to be aware that Stocks & Shares ISAs should be viewed as medium- to long-term investments, so even if you are able to access your money, you should invest with funds that you don’t have any plans for over the next few years.

Each tax year you can have one of each type of ISA, up to the maximum contribution amount. It is not possible to have more than one Stocks & Shares ISA or more than one Cash ISA in a tax year.

Yes, you can transfer your ISA to another provider and it won’t affect your ISA allowance in the current year.

Any money held in a Cash ISA will not be at risk of dropping in value. However, any money held on deposit with a company could be at risk if the company was to get into difficulties (although £85,000 will usually be protected by the Financial Services Compensation Scheme).

Any money held in a Stocks & Shares ISA can be invested in a number of assets, including shares, bonds, government gilts, or property. Over the longer term the money you invest will have the potential to outperform the returns from a Cash ISA or other deposit-based accounts, but it will also be at risk of dropping in value. The level of risk will differ depending on which assets the ISA invests into and in what proportion. Our advisers will take the time to understand your attitude to investment risk so that the ISA recommended is suitable.

Although you are unable to contribute more than the maximum in any tax year, you are able to save or invest in similar types of products, although these will not have the same tax advantages.

Cash ISAs work in the same way as a normal savings account, so contributions above the annual ISA allowance could be made into a normal savings account.

In a lot of cases, the money in a Stocks & Shares ISA will be invested into a ‘collective investment’ like a Unit Trust or Open Ended Investment Company (OEIC). Therefore, contributions above the ISA maximum can be made into a Unit Trust or OEIC directly as well.

Each tax year you will have a new ISA allowance. Our advisers can review your existing investments to makes sure you are taking advantage of the ISA allowance each year.

Someone aged 16 and 17 can have a Cash ISA and a Junior ISA at the same time.

If the child is aged under 16, they could have a Junior ISA, but not a Cash ISA.

Someone aged 18 or over can have a Cash ISA and/or a Stocks & Shares ISA, but it would no longer be possible to hold a Junior ISA. Any existing Junior ISAs they hold will automatically become adult ISAs and they will have access to the money themselves.