The Stocks & Shares ISA and GIA work in a similar way: both allow for long-term investment without any withdrawal penalties. In terms of investment options, both accounts allow you to invest in our range of tracker funds and ETFs, and with our S&S ISA you're also able to invest in US stocks.

An Individual Savings Account (ISA) is a government scheme allowing individuals to hold cash, shares and unit trusts free of tax on dividends, interest and capital gains. You can deposit up to £20,000 into an ISA each tax year, and this limit is shared between any other ISAs you have open.

A General Investment Account (GIA) doesn’t offer tax relief but you only pay tax on gains above £3,000 subject to having no other investments. There's no limit on the amount you can contribute to a GIA per tax year, however we limit deposits into the account to a maximum of £85,000 a week.