A stocks and shares ISA allows you to invest in a wide variety of investment products, including funds such as unit trusts and Oeics or shares in individual companies and bonds whereby you effectively lend money to a company or government in return for interest on the loan.

You can personally pick the funds and shares or choose ready-made funds where the decision-making is done for you. The money you hold in a cash ISA can be transferred to an investment ISA in its entirety or split between a cash ISA or investment ISA.