Individual Savings Accounts (ISAs)

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Individual Savings Accounts are the most popular form of savings in the UK.

They are tax free and all earnings on the fund are exempt from Capital Gains Tax.

The government provides some tax relief on contributions to an Isa equal to basic rate tax (20%) but not for higher rate tax (40%).

If you receive the then higher rate tax relief, then this may be something which you would want to change as by inputting your Isa details below, we will calculate the amount of extra money that you could earn in an ISA with a top savings account.

What are the benefits of Individual Savings Accounts?

Individual Savings Accounts (ISAs) are designed to help you save for retirement or other goals. They are also tax free and all earnings on the fund are exempt from Capital Gains Tax. The government provides some tax relief on contributions to an Isa equal to basic rate tax (20%) but not for higher rate tax (40%). If you receive the then higher rate tax relief, then this may be something which you would want to change as by inputting your Isa details below, we will calculate the amount of extra money that you could earn in an ISA with a top savings account.

According to the figures supplied by the UK Savings and Investments head office, 54% of people in the UK have an individual savings account. This means that 31.4 million people in the UK are using these accounts in some form or another.

In fact, Individual Savings Accounts are the most popular form of savings in the UK. According to the findings on internet banking taken from a nationwide survey conducted over a period of three months, 74% engaged in online banking activity and being able to carry out their savings account transactions online is an important factor for people when choosing to open or use a savings account.

What are the criticisms of Individual Savings Accounts

People can’t leave funds untouched for confidentiality while having other products elsewhere that need to be accessed.

Participants are penalised if the account balance falls below or exceeds during the year which may not be well suited to some people’s needs and restrictions.

Switching fund provider isn’t allowed on an ISA, so you are locked in with the company you initially choose.