Retail broker Lightyear announced on Thursday that it has launched Individual Savings Accounts (ISAs) for clients in the UK.
The broker will offer the two most popular types of ISA – cash ISAs and stocks and shares ISAs.
ISAs are tax-efficient accounts that let UK investors invest without having to pay tax on any capital gains or interest income they derive from them.
Cash ISAs pay interest, whereas stocks and shares ISAs, as the name suggests, are for investing in equities and other, similar products.
Lightyear is one of several ‘neobrokers’ that have launched in the UK over the last five years or so.
The broker offers a simple app, which lets users invest in different products, including fixed-income products and stocks and shares.
One of Lightyear’s main rivals, Freetrade, was acquired by IG Group earlier this month.
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