ISA
ISA savings should be the first port of call for savers, as they have a unique feature that cannot be found in any other type of savings account. ISAs allow you to earn tax-free interest on your savings, allowing your money to grow faster. ISAs were first introduced as a savings incentive and have now taken off, with a growing number of providers offering competitive deals.
There are two man types of ISA savings, cash ISAs and investment or stocks and shares ISAs. Each year, every individual over the age of 16 is given a £10,200 limit in which they can invest into ISAs. This is made up of a maximum of £5,100 deposit into a cash ISA and the remaining amount into an investment ISA, or the full £10,200 limit into an investment ISA.
It is recommended that you make good use of each years ISA allowance, because if you don't use it, you will lose it. The allowance runs with the tax year (April 6th – April 5th), so if you fail to make use of your allowance before 6 April in any year you will have lost your chance to benefit from that years tax-free savings.
There are two man types of ISA savings, cash ISAs and investment or stocks and shares ISAs. Each year, every individual over the age of 16 is given a £10,200 limit in which they can invest into ISAs. This is made up of a maximum of £5,100 deposit into a cash ISA and the remaining amount into an investment ISA, or the full £10,200 limit into an investment ISA.
It is recommended that you make good use of each years ISA allowance, because if you don't use it, you will lose it. The allowance runs with the tax year (April 6th – April 5th), so if you fail to make use of your allowance before 6 April in any year you will have lost your chance to benefit from that years tax-free savings.
