A GIA is an account for your general monies which can be opened with as little as £1,000. Your money can be accessed at any time but, because investing should be seen as something to undertake for the longer term, it is usually worth retaining some cash at the bank for those unforeseen little emergencies.

An ISA is an account where gains on the first £20,000 can be taken free of tax (2020/21). Because of this benefit there is an annual limit on the amount you can invest each year. With an ISA you can withdraw your money at any time but you can’t then reinvest it if you have already reached your individual limit.