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ISA stands for Individual Savings Account and is a very tax efficient way to save and invest your money.

Most savings accounts pay interest but you have to pay income tax on any interest you earn.  ISAs are different, the interest you earn on an ISA isn’t taxed meaning that you get to keep every last penny of it.

Of course, there are limits.  Each tax year starts on the 6 April and it is at this point that you are allocated a new annual ISA allowance.  For the tax year 2015/16 the ISA allowance is £15,240 for a ‘cash’ or ‘stocks and shares’ ISA and £4,080 for ‘junior’ ISA.

There are lots of benefits to having an ISA, from instant access to your cash if you need it, to the options of investing a lump sum or saving regularly.

Different types of ISAs offer different interest rates.  Instant ISAs offer the benefit of access to your money without being penalised, the downside being that often they don’t offer the best interest rates.  Fixing your ISA for a period of time often means you will receive much higher interest rates and more return on your money.

Our team of Independent Financial Advisers can find you the best ISAs available, so save yourself the hassle of shopping around and let us do the hard work for you!

Posted: November 16th, 2015

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