ISAs are available to UK residents aged 18 and over, with Cash ISAs being an exception where those aged 16 and up can also participate. It's a versatile saving option, whether you're just starting to save or are looking to maximize your retirement funds. Residents for tax purposes, members of the armed forces, or Crown servants and their spouses can open an ISA, offering a broad eligibility criteria to encourage saving and investing.

Yes, transferring your ISA is not only possible but can be a strategic move to optimize your returns. You can transfer between the same types of ISAs or mix things up to suit your current financial goals. Whether moving from cash to stocks and shares for potentially higher returns, or consolidating your ISAs for better management, the process is designed to keep your savings tax-efficient without affecting your annual ISA allowance.

Choosing between a traditional ISA and an Innovative Finance ISA (IFISA) depends largely on your investment goals and risk tolerance. Traditional ISAs, including cash and stocks and shares, offer a safer route for your savings with predictable returns. IFISAs, on the other hand, allow you to lend your money through peer-to-peer platforms, potentially earning higher returns. IFISAs introduce a higher risk but can diversify and potentially enhance your investment portfolio.