ISAs remain one of the most tax efficient solutions for your savings. On 1 July 2014, several restrictions were removed to improve flexibility and transfer options.

Under the so-called New ISA, the contribution limit for Cash ISAs and Stocks and Shares ISAs has effectively been merged, with the overall limit increased to £20,000. This can be invested in either Cash, Stocks and Shares, Lifetime or Innovative Finance ISAs, or a mixture of types.

You'll also be able to transfer new and previous years' ISA investments from Stocks and Shares into Cash, and vice versa, as opposed to previous rules which didn’t allow stocks and shares ISAs to be transferred into Cash ISAs.

For a more detailed review of ISA's, please click: