What is the minimum age required to open a Cash ISA?

The minimum age required to open a Cash Individual Savings Account (ISA) is indeed 16 years old. This regulation allows individuals who are 16 or older to start saving tax-free in a Cash ISA. The rationale behind setting this age limit is to encourage young adults to begin developing good savings habits early on, while also providing the benefits of tax-free interest on their savings.

Individuals younger than 16 can open a Junior ISA, but they cannot open a Cash ISA until they reach the age of 16. This distinction is important as each type of account has specific eligibility requirements and benefits aimed at different age groups. Thus, while individuals aged 14 or younger can save through a Junior ISA, they do not have the option to open a Cash ISA until they are at least 16 years of age.