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Cash ISA

A Cash ISA is an Individual Savings Account that is not subject to tax and has a higher interest rate than standard savings accounts. In return for a higher interest rates and being exempt from tax, there are certain restrictions placed upon the account. Features of a Cash ISA include:

Up to £3,600 can be paid into it in each tax year (you have a total tax free allowance of £7,200; the remainder may be invested in a Stocks and Shares ISA)
No tax on any income, including dividends, interest and bonuses or capital gains
You do not have to declare any income or capital gains from your Cash ISA
You are not required to inform the HMRC that you have an Cash ISA
You can take the money out of your Cash ISA at any time without losing tax relief

Like other savings accounts, Cash ISAs can vary from one company to the next, in restrictions and interest rates. It is important to shop around and compare deals with the table below to find the right Cash ISA for you.

ISA Provider	Investment ISA	Cash ISA
Icesave	No	Yes	More Info
Legal & General	Yes	No	More Info
Virgin Money	Yes	No	More Info
TD Waterhouse	Yes	No	More Info

Other ISA Resources:

FREE ISA Brochures
FREE Brochure on Managing Your ISA Funds

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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.