How to Open an Isa

ISA accounts are a tax-free investments which can either be as a saving account, or alternatively as a stock and share component. As such, ISA accounts certainly have their advantages in relation to more standard saving accounts which have gross and net interest rates. Almost every UK bank has ISA accounts, so there is some variety of potential ISAs.

As such, to begin with a suitable ISA provider & account should be selected. It’s easy enough to find details on ISA accounts. For example, you can simply go to the banks’ websites. If you are not sure of the URL (universal resource locator) of their website you can still find the bank’s website with Google, or any other alternative search engine. Just input a keyword such as ‘Natwest ISA accounts’ and then relevant web pages should be listed.

These ISA accounts will have different interest rates, either fixed or variable. This is probably the most important thing to take note of, although it’s also worth noting whether the ISA account is a short term account or a longer term account. For example, some ISA accounts may only be opened for a limited period only. These shorter term ISA accounts may require that no withdrawals are made during the period.

When you have selected a suitable ISA account then you can open it. It’s worth noting that most ISA accounts will probably require that you have a current account with the ISA provider as well. So, if you do not already have an established current account with them, then you might have to open one of these first.

When you have an established current account, then you can also open an ISA account. This won’t be much different from opening a current account. You’ll need to get hold of an ISA application form from the bank, and fill out some relevant details like name, address etc. However, most of these will likely have been provided if you have already has a current account with them. The one additional detail that might also be required is that of a national insurance number.

After you have opened the account you can then begin to fill it up. Usually, the best way to do this is with a standing order from you current account. A standing order can then make a monthly withdrawal from your current account to the ISA account.

Overall, ISA accounts can be great investments. You can find further details on ISA accounts at this web page.