Individual savings accounts or ISAs are used as a tax break, providing the opportunity for anyone over the age of 16 to build up a tax free haven through regular or annual deposits up to the yearly allowance provided.
Each year, you can invest up to £11,280 into cash ISAs and stocks and shares/investment ISAs. This can either be split into a maximum of £5,640 invested into a cash ISA (each year) and the rest into an investment ISA, or the total allowance into an investment ISA.
ISAs have become very popular amongst savers, as they provide tax free interest, helping your money to grow faster. This means that as the competition grows, you are able to compare ISAs to find the best deals. If you're looking to move your existing ISA to another provider, it is important to make sure the proposed account allows ISA transfers and make sure you fill out a transfer form when moving your ISA, as simply withdrawing the funds would cause big problems and you would not be allowed to put the funds back into an ISA.
Compare ISAs at Which4U to find a great deal and start saving today!