What is a cash ISA ?
Par Banketto UK
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What is a cash ISA ?
An Individual Savings Account (ISA) is a savings account with special tax advantages : you do not have to pay income tax on the interest you earn.
There are limits to how much money you can put in a cash ISA in any tax year (which runs from April 6 to the following April 5).
In the 2010-11 tax year, the limit is £5,100 per person, and this is due to be raised in line with inflation every year from next year onwards.
You have to be 16 or older to open a cash ISA.
ISA : There are two types of ISA
Cash ISA : Deposit based savings account
Stocks & Shares ISA : Invest directly in stocks and shares
You can choose to save in a Cash ISA or invest in a Stocks and Shares ISA or a combination of both.