ISAs (Individual Savings Accounts) are a great way to encourage people to save at least £5,640 or more every year, providing a tax free incentive. All individuals aged 16 years and over are entitled to a yearly ISA allowance of £11,280, of which a maximum of £5,640 can be put into a cash ISA, and the remaining amount in a stocks and shares ISA. You can choose to put your entire allowance into a stocks and shares ISA. Although investment ISAs can be more profitable, there are more risks involved.
It is important to choose good ISAs rates as you will want to take full advantage of the tax relief. This is because some regular savings accounts can offer high interest rates that would counteract the tax free element.
Compare the ISAs rates at Which4U to find the best account for you!