Cash ISA Allowance 2014-15
The 2014-15 cash ISA allowance is £15,000 and Cash ISA allowances are per individual - so a couple have a combined cash ISA allowance of £30,000 per year.
What kind of cash ISAs are available?
- Instant access cash ISA - lets you to withdraw your money quickly and easily whenever you need it.
- Easy access cash ISA - lets you to withdraw money within set boundaries. For example, you might be limited on the number of withdra\wals you can make in a year.
- Fixed rate cash ISA - does not let you withdraw money for the term of the ISA. These accounts are intended to provide a better rate of interest in return for locking you money away for a set period of time. However, this is not always the case, so make sure you research all your cash ISA options before making a final decision.
- Structured deposit cash ISA - offers you the potential for higher returns than you'd usually receive with an instant access or fixed rate cash ISA. Your capital is protected up to a value of £85,000 by the FSCS. Your returns will be linked to the performance of an Index, usually the FTSE 100. If the Index performs well, you'll receive your capital back at the end of the term plus any income earned. If your investment doesn't perform well you may receive no income, but your initial capital will be repaid in full.