Individual Savings Accounts
Individual Savings Accounts
First introduced in 1999, Individual Savings Accounts (ISAs) offer savers a way of earning tax-free interest up to a certain level. They were launched as a replacement for PEPs and TESSAs, which no longer exist. Individual savings accounts vary from provider to provider, so it is worth comparing accounts before investing funds. Individual Savings Accounts allow you to:
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Invest up to £3,600 in a Cash ISA
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Deposit up to £7,200 in a Stocks and Shares ISA
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Open a Cash and a Stocks and Shares in which you may save a combined total of no more than £7,200 per tax year, and where the Cash deposit does not exceed £3,600
As there are various types of individual savings account on the market, it is important that customers shop around for the best rates. However, it is also worth finding out whether the account is easy access – offering penalty-free withdrawals and deposits – or whether it is a fixed-rate ISA, which pays interest after the funds have been in the account untouched for a certain length of time. Find out more about individual savings accounts and get the latest information on interest rates using the free comparison table below.
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