About investing in this ISA
- My Fund Select (ISA) is a medium to long-term investment of at least 5 years and ideally 10.
- As with all investments, it's important to be aware that the value can go down as well as up, so you could get back less than you've paid in.
- If you cash in before the end of 5 years there will be a £50 deduction from your cash-in value.
About tax and ISAs
- Tax treatment depends on individual circumstances. Tax law may change in the future.
- Tax-free means the policy grows free of income or capital gains tax (other than tax that's already paid i.e. on dividends from UK shares).
- There are four different types of ISA - Investment ISA, Cash ISA, Innovative Finance ISA and Lifetime ISA - and you can have one of each in the current tax year.
- The current ISA limit is £20,000 and this is the total you can invest across all types of ISA each year.
If you want more information about the different types of ISAs, our guide might help: