Sunny days ISA quiz
Test your ISA knowledge
ISA Quiz
Test your ISA knowledge
For a quarter of a century, the ISA has been celebrated as a critical savings tool, helping us grow our money tax-free. But do you know your stuff when it comes to ISAs? Put your knowledge to the test with our quiz!
Spot the correct answer among some red herrings below. Some might be more obvious than others. Keep track of your correct answers and discover if you’re an ISA expert...
1: Let’s start with a straightforward one... What is 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
2. When was the cash ISA first launched? (There’s a clue on this page somewhere!)
a) 1979
b) 2000
c) 1999
d) 1985
Answer
3. What did Labour MP Quentin Davis brand the ISA when it was first introduced?
a) “A rip-roaring success”
b) “A colossal failure”
c) “A fantastic way to grow your savings”
d) “A really super way to avoid giving more of your money to the taxman.”
Answer
4. 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
5. Regardless of what your perfect sunny day might look like, what's the main benefit of using a cash ISA to save for life's memorable moments?
a) Every penny you save magically turns into a pound
b) When you open an ISA, you automatically become part of a secret society of savers
c) You can take advantage of tax-free savings
d) They give you access to first class flights for life
Answer
6. Is the annual allowance for all cash ISAs £20,000?
a) Yes
b) No
Answer
7. When does the tax year begin and end?
a) 1 January to 31 December
b) 5 June to 8 August
c) 6 April to 5 April
d) 1 May to 31 April
Answer
8. We all know about the rainy days – when the boiler breaks, a tyre bursts or an unexpected bill lands on your doormat - but why do people save for sunny days?
a) Because life’s too short for just one ice cream on a beach in Mexico
b) To finally tick-off that dream holiday destination
c) To fund that glamourous trip to catch your favourite artist in Vegas
d) To experience the thrill of watching your team win the World Cup
Answer
9. How do you feel about spending your money on something that you’ve been saving for?
a) I’m so happy I sing in the shower
b) So excited that I show off my new purchase to my neighbours
c) I feel like a legend because I have completed my saving quest
d) A little bit down in the dumps because my balance is smaller
Answer
10. How many types of ISAs are there?
a) 7
b) 10
c) 4
d) 100
Answer
11. If you already have a cash ISA, can you transfer it to another provider?
a) Absolutely not, your money is under lock and key
b) Yes, of course you can
Answer
B: Yes, of course you can. You can move cash ISAs from one financial institution to another or switch your savings between different cash ISAs with the same organisation. To transfer your cash ISA, first check the terms and conditions of your existing and new cash ISA to find out what the rules are to move your money out.
At Coventry Building Society, we accept full transfers of current year's ISA deposits and full or partial transfers of previous years' ISA deposits.
12. 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
Related articles:
Busting common myths around cash ISAs
we’ve broken down some common cash ISA myths to help separate fact from fiction.
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
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
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
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
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
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
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
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
