Requirements For Opening A Cash ISA

When it comes to opening a cash ISA there are an almost limitless amount of providers to choose from. Cash ISA’s are available at building societies, banks and the National Savings and Investments. But, you should always make sure that you’re getting the best cash ISA by comparing various institutions.

Although the rules and guidelines that each provider offers can vary greatly, each one will have the same basic requirements to open an account. You have to be a resident of the UK, or a Crown employee that is serving overseas, or the spouse of a Crown employee. And, you must be at least 16 years of age to open an ISA.

You will have to be able to provide some type of identification such as an drivers license or a passport. In some cases, if you don’t have a driving license or a passport, you may be able to provide a birth certificate as proof of your UK citizenship and identification.

Opening an ISA is as easy as opening a standard savings account. But, your cash ISA will be completely free of taxes. You will receive all of the interest that your ISA earns and never have to report the account on your income tax return.