What is an ISA?

An ISA (Individual Savings Account) allows you to keep your hard earned savings safe from the taxman. You don’t pay tax on the interest on cash in an ISA or on income or capital gains from investments in an ISA. Interest from ISAs doesn’t count towards your Personal Savings Allowance.

Every tax year, the Government sets a maximum amount that can be saved in an ISA in that year – you can find details of this year’s ISA allowance on the HMRC website. The annual allowance can be split across a cash ISA, stocks and shares ISA, innovative finance ISA and lifetime ISA, if you wish.

You can only subscribe to one cash ISA in each tax year (6 April to 5 April).