Best ISA Rates
Best ISA Rates
To find the best ISA rates you will need to shop around. As well as checking for the rates, you will need to make sure you know:
- If the ISA manager will charge for running the account
- If there are any charges for withdrawals
- If there are any charges for transfers
- If there is a minimum opening deposit (some will ask for £3,600 – the maximum for a year - as the opening balance)
It is important that you understand the terms and conditions surrounding your ISA. There are two types of ISA:
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Cash ISAs
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Stocks and Shares ISAs
Your total ISA allowance for a tax year is £7,200. You may invest the total allowance into a Stocks and Shares ISA, but may only invest upto £3,600 into a Cash ISA. You can have both a Stocks and Shares ISA and a Cash ISA; if you decide to invest the maximum into your Cash ISA, you will then have £3,600 left to put into your Stocks and Shares ISA.
If you had a Mini Cash ISA, it would have been reclassified on April 6 2008 as a Cash ISA, and if you had a Maxi ISA, the stocks and shares component will have been reclassified as a Stocks and Shares ISA while the cash component will automatically become a Cash ISA.
To compare a selection of the best UK ISA rates see the table below:
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Investment ISAs are designed as medium to long term investments, for example at least five years.
The value of your investment and the level of any income received from it can fall as well as rise and is not guaranteed and you may not get back the amount of your original investment.
The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
If you choose an index-tracking trust which invests overseas, exchange rate variations may cause the value of your investment to increase or decrease.
If you unsure what Investment ISA plan is right for you speak to an independent investment adviser.