ISA's?

[Doodlebug.]

What exactly is an ISA?

I just got a letter from my bank about opening an ISA but im not exacly sure what it is

Would I benefit from having one?
Do any of you girls have one?

I dont have a clue when it comes to things like this

 

[Loui1001]

I'm clueless too but I have one, it's a savings account where you don't pay tax on the interest but you can only save a certain amount each year x

 

[dani_tinks]

I have one cus I needed a savings account, it's tax free and the interest looked good. Dont know a lot about them though

 

[discoclare]

An Individual Savings Account.

It's a savings account where you don't pay tax on the interest that you earn. There is a limit to how much you can put in each year (because of the tax relief). If you have a regular savings account, yes you would probably be better off openeing an ISA. Most banks / building socities offer an instant access cash one, the same as normal savings account. you can also get share ISAs.

 

[2011butterfly]

You can save £5640 into a cash ISA. This will be between 6th April 12-5th April 13. You can only put money into One cash Isa per tax year. And you don't pay tax on the interest you earn. You would have to look for a high interest account, so a good search on goggle should tell you current rates! You can take money out (provided its not a fixed account)