The limit to the amount an individual can deposit into your ISA (annual allowance) is £15,240 for 2016/17 is £15,240. The funds can be invested in a cash ISA, an investment ISA, an innovative finance ISA, or a combination of all three.
From 6 April 2017, the annual ISA allowance will increase from £15,240 to £20,000. An increase of £4,760 for the year.
The increase in the allowances will continue to help savers at a time of unprecedentedly low interest rates.
The increase comes along aside the new Lifetime ISA (LISA) from 6 April 2017, which gives a State bonus to the under-40’s savings to buy a home or for retirement.