What's a Smart ISA?

A Smart ISA (Individual Savings Account) is a Cash ISA, which works a lot like a normal savings account, except you don’t have to pay any tax on the interest you earn.

What’s the annual ISA allowance and when does it reset?

Your annual ISA allowance is £20,000. This is how much you can save tax-free in ISAs each tax year (from 6th April to 5th April), and it's set by the UK government.

Your ISA allowance resets at the start of a new tax year, on April 6th. Bear in mind that you can’t carry any unused allowance over to the next tax year. So, if you don't use your allowance, you’ll lose it.

Note: The total you can save across all pots in your Smart Savings Hub is £250,000. That means if you had more than £230,000 in your Smart Saver pots, then you wouldn't be able to add the full £20,000 ISA allowance to your Smart ISA pots.

Am I eligible to open a Smart ISA?

To open a Smart ISA, you'll need to have already opened a Smart Saver. You can do this in our Smart Savings Hub.

You must also: 

• be aged 18 or over  

• be a UK resident and only have tax residency in the UK (which excludes the Channel Islands and the Isle of Man) 

• have an active UK bank account that we can link to  

• have not already used up your total annual ISA allowance of £20,000 this tax year 

• open your ISA in your name only 

How do I open a Smart ISA?

You’ll need to open a Smart Saver account with us before you can apply for a Smart ISA. To do this, simply download the Zopa app and head to your Smart Savings Hub, which you’ll find on the home page. From there, you’ll be able to apply for a Smart Saver account.  

Once that’s set up, you’ll see the option to Open a Smart ISA at the bottom of your Smart Savings Hub. Follow the instructions on your screen to do this.