Compare cash ISA rates
ISAs or Individual Savings Accounts are a special tax free scheme launched by the government in 1999 to encourage people to save money. There are two types of ISAs, cash ISAs and stocks and shares ISAs.
ISAs are tax free as long as all of the conditions are met. Mini cash ISAs no longer exist. They were abolished by the government in 2007 and automatically became cash ISAs from April 2008. Maxi cash ISAs were also abolished in 2007.
The current limit on the amount you can invest in an ISA is £5,340 per year in a cash ISA. You are also allowed to invest a further £5,340 in an investment ISA otherwise known as a stocks and shares ISA or you can invest £10,680 in an investment ISA but if you do this you can’t invest any money into a cash ISA in the same year. The ISA deadline for investing each year is the 5th April.
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