Halifax has clarified its ISA deposit rules after a saver sent in a query about stocks and shares ISAs.

The saver asked: "Do you have any minimum limits (for either a one off payment or regular monthly payments) when opening a stocks and shares ISA?"

They also said they had already tried to find the details they wanted online but they hadn't been able to find the information.

In response, Halifax explained: "The Stocks and Shares ISA can be invested in at any time with any lump sum amount or any small amounts regularly."

They also mentioned one account in particular: "Our Ready Made Investment ISA would have a minimum deposit of £500 lump sum or £50 a month."

Halifax offers a stocks and shares ISA - customers can choose from various types of investments for the account, including UK and international shares, managed funds, bonds and gilts.

ISA savers can put away up to £20,000 each tax year into different types of ISA, including cash ISAs and stocks and shares ISAs, with no tax to pay on any interest earnings or investment growth within the ISA wrapper.

For any deposits over the £20,000 limit, your savings or investment growth will be taxable. There have been reports recently that , to encourage savers to use investment-based ISAs more.

Recent analysis sourced by ISA provider found that as of January 2025, some £50billion was sitting in 7.2 million easy access cash ISA accounts earning 2% interest or less.

This is despite many providers offering rates of above 5%, with Moneybox currently paying 5.67% with its Cash ISA for the first three three months, and 4.2% thereafter.

Brian Byrnes, head of Personal Finance at Moneybox, said: "Now is not the time to be complacent with your finances. With inflation still a risk and market volatility causing concern, savers need to be proactive in building solid foundations for their financial future.

"The start of a new tax year is an ideal time to pause, take stock and see if there are any quick wins you could take advantage of - starting with your savings."

He warned people not to take it for granted that the current high interest rates will last for much longer. The base rate set by the Bank of England has fallen several times in recent months and is currently at 4.5%.

Many experts are predicting the rate will fall again as the central bank decides on whether or not to move it again this week (May 8).

Mr Byrnes said: "Every day we see just how diligent and committed UK savers are when it comes to working towards their financial goals, but this data shows there is still work to be done.

"Many of us are guilty of letting our money languish in accounts that are no longer providing good value. The time to act is now."