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All ISA managers must be approved by the Inland Revenue and authorised by the Financial Services Authority (FSA), but neither they nor any other Government Department have approved any ISAs.

If you are aged 16 or 17, you can have a cash ISA. This can be either a Mini cash ISA or a Maxi ISA where you can only put money into the cash component. The subscription limits are the same as for savers who are over 18 (up to £3,000 in each tax year).

You pay no tax on capital gains arising on your ISA investments (losses on ISA investments cannot be allowed for Capital Gains Tax purposes against capital gains outside your ISA).

ISAs for 16 and 17 year-olds are primarily for those in full or part-time employment, including those still at school with, for example, Saturday jobs. But some young people will also use ISAs to save money given to them by their parents.

There are limits on the number of ISA accounts you can subscribe to each tax year.

What can the cash component include? The cash component of an ISA can include:
-bank and building society accounts
-units or shares in UK authorised unit trusts and open-ended investment companies (OEICs) which are money market schemes (sometimes called ‘cash funds’) and fund of funds schemes which invest in them.
-National Savings and Investments products which are specially designed for ISAs (but not other National Savings and Investments products such as the Investment Account, Savings Certificates or Pensioners' Guaranteed Income Bonds
-certain shares and units that fail to meet the qualifying conditions for the stocks and shares component
-life insurance policies that fail to meet the qualifying conditions for the stocks and shares component. These will generally be policies that guarantee to return 95% of the money you initially invested within 5 years from the date you made the investment.

You can put money in and take it out whenever you want and you do not even have to tell your Inland Revenue office that you have an ISA.

You cannot put money, for example, into both a Maxi ISA and a Mini ISA in the same tax year, or into two Mini cash ISAs.

Make sure you know whether the ISA manager will charge for running your ISA, including any charges for withdrawals and transfers.

Your ISA must be transferred directly between the two managers. You cannot transfer your ISA by closing it and opening a new ISA with the new ISA manager.

You can get an ISA by going to an ISA manager. These include banks, building societies, National Savings and Investments, some supermarkets and retailers, friendly societies, insurance companies, unit and investment trust companies, financial advisers, fund supermarkets and stockbrokers. Your ISA manager will look after your account for you.