ISA Quiz

Test your ISA knowledge

ISA Quiz

Test your ISA knowledge

There’s no failing this quiz. The goal here is simply to refresh your knowledge of ISAs and broaden your understanding of the products that could help you save.

Whether you’re a seasoned ISA saver or just taking your first steps on the ISA journey, have a go at these questions and check out if you answered them correctly.

Q1: What's an Individual Savings Account (ISA)?

A) Somewhere to save or invest money without it being taxed

B) A loan for buying a home

C) A payment method

D) A form of insurance

Answer

A: Somewhere to save or invest money without it being taxed. ISA products are all about helping you save by putting a protective bubble around the interest and gains you make, so they're not taxed.

2. Can you open an ISA as a joint account?

A) Yes, as long as you're married to the other account holder

B) Yes, if the other account holder lives in the same house

C) Yes, you can have up to five named account holders

D) No, ISAs can only be opened by one individual

Answer

D: No, ISAs can only be opened by one individual. The clue is in the question here! ISAs are Individual Savings Accounts so, unlike some other types of savings accounts, they can only be opened by one person.

3. From 6 April 2024, what age do you have to be to open an adult ISA?

A) 16

B) 17

C) 18

D) 21

Answer

C: 18. From 6 April 2024, the minimum age to open an adult ISA is when you are officially an adult at 18. Just like buying fireworks or ordering a drink, increasing your annual ISA allowance from £9,000 to £20,000 is another exciting adult milestone.

4. What’s the purpose behind the Junior ISA?

A) To get children into the stock market

B) To save for retirement

C) To move a child’s savings to their parent’s account

D) To save for a child’s future

Answer

D: To save for a child’s future. A Junior ISA helps you to save for your child's future. The annual allowance of up to £9,000 can stay safely stashed away until your child is 18, earning tax-free interest. Check out Coventry Building Society’s Junior ISA.

5. What's the adult ISA allowance for 2024/2025?

A) £2,000

B) £20,000

C) £10,000

D) There’s no limit

Answer

B: £20,000. The annual ISA allowance will remain at the round figure of £20,000 for the 2024/2025 tax year. Up to that amount, your hard-earned, hard-working cash is protected from tax.

6. Can you open both a Cash ISA and a Stocks and Shares ISA at the same time?

A) Yes, but you'd have to split your allowance between them

B) Yes, and you can have the maximum allowance in each

C) No, not allowed

D) Yes, but only with the same provider

Answer

A: Yes, but you'd have to split your total allowance between them. If you want the safety of cash savings paired with the potential of higher returns but greater risk or opportunity of the stock market, you are very much within the rules to have both types of ISA products open at the same time.

7. What's the minimum amount you can put into an ISA product with Coventry Building Society?

A) £1

B) £1,000

C) £50

D) £100

Answer

A: £1. Just one pound is all you need to get your savings off the ground at Coventry Building Society. Before you know it, those pounds will build up! Take a look at our full ISA range.

8. Which of the following is never a feature of the Cash ISA?

A) Fixed-term options

B) Instant access

C) Tax-free interest

D) Exposure to the stock market

Answer

D: Exposure to the stock market. Cash ISAs are all about safe and steady saving, not taking you on a rollercoaster. With one of these products, the interest rate is clear and you know what returns you can expect.

Whether you found these questions a walk in the park or stumbled on a couple, there's always more that you can learn to be a more confident saver. Explore more informative blogs about ISAs!

Back to ISAs explained

Related articles:

What's new in the world of ISAs?

Take a look at the changes which are being introduced to ISAs.

There’s no failing this quiz. The goal here is simply to refresh your knowledge of ISAs and broaden your understanding of the products that could help you save.

Whether you’re a seasoned ISA saver or just taking your first steps on the ISA journey, have a go at these questions and check out if you answered them correctly.

Q1: What's an Individual Savings Account (ISA)?

A) Somewhere to save or invest money without it being taxed

B) A loan for buying a home

C) A payment method

D) A form of insurance

Answer

A: Somewhere to save or invest money without it being taxed. ISA products are all about helping you save by putting a protective bubble around the interest and gains you make, so they're not taxed.

2. Can you open an ISA as a joint account?

A) Yes, as long as you're married to the other account holder

B) Yes, if the other account holder lives in the same house

C) Yes, you can have up to five named account holders

D) No, ISAs can only be opened by one individual

Answer

D: No, ISAs can only be opened by one individual. The clue is in the question here! ISAs are Individual Savings Accounts so, unlike some other types of savings accounts, they can only be opened by one person.

3. From 6 April 2024, what age do you have to be to open an adult ISA?

A) 16

B) 17

C) 18

D) 21

Answer

C: 18. From 6 April 2024, the minimum age to open an adult ISA is when you are officially an adult at 18. Just like buying fireworks or ordering a drink, increasing your annual ISA allowance from £9,000 to £20,000 is another exciting adult milestone.

4. What’s the purpose behind the Junior ISA?

A) To get children into the stock market

B) To save for retirement

C) To move a child’s savings to their parent’s account

D) To save for a child’s future

Answer

D: To save for a child’s future. A Junior ISA helps their savings, of up to £9,000 each year, to stay safely stashed away until your child is 18, earning tax-free interest. Check out Coventry Building Society’s Junior ISA.

5. What's the adult ISA allowance for 2024/2025?

A) £2,000

B) £20,000

C) £10,000

D) There’s no limit

Answer

B: £20,000. The annual ISA allowance will remain at the round figure of £20,000 for the 2024/2025 tax year. Up to that amount, your hard-earned, hard-working cash is protected from tax.

6. Can you open both a Cash ISA and a Stocks and Shares ISA at the same time?

A) Yes, but you'd have to split your allowance between them

B) Yes, and you can have the maximum allowance in each

C) No, not allowed

D) Yes, but only with the same provider

Answer

A: Yes, but you'd have to split your total allowance between them. If you want the safety of cash savings paired with the potential of higher returns but greater risk or opportunity of the stock market, you are very much within the rules to have both types of ISA products open at the same time.

7. Wha's the minimum amount you can put into an ISA product with Coventry Building Society?

A) £1

B) £1,000

C) £50

D) £100

Answer

A: £1. Just one pound is all you need to get your savings off the ground at Coventry Building Society. Before you know it, those pounds will build up! Take a look at our full ISA range.

8. Which of the following is never a feature of the Cash ISA?

A) Fixed-term options

B) Instant access

C) Tax-free interest

D) Exposure to the stock market

Answer

D: Exposure to the stock market. Cash ISAs are all about safe and steady saving, not taking you on a rollercoaster. With one of these products, the interest rate is clear and you know what returns you can expect.

Whether you found these questions a walk in the park or stumbled on a couple, there's always more that you can learn to be a more confident saver. Explore more informative blogs about ISAs!