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Moneyextra.com Dictionary
Cash ISAs
Every tax year anyone over the age of 16 may save money in a Cash Individual Savings Account. There are many easy access and instant access Cash ISAs but some banks and building societies also offer other types of Cash ISA account. No tax is liable on the interest you earn. Any interest you earn in Cash ISAs will be paid gross - this means no tax will have been deducted. If you are a higher rate taxpayer unlike ordinary deposit accounts you will have no further tax to pay with your tax return. You may save up to £3600 every tax year in a Cash Individual Savings Account. Remember this is an absolute limit on payments into the account - so if you put £3600 into a Cash ISA and subsequently withdraw some of it you may not top up the account back to £3600 because you will already have paid in as much as you are allowed! Keep an eye on your ISAs interest rate. What tops the Best Buy tables today may not be there tomorrow! Youll need to know how your interest rate is calculated and what if any bonuses and guarantees it involves. If you want to move existing savings in existing Cash ISAs to another ISA provider you can - but make sure you follow the rules so you dont lose the tax sheltered status of your savings. See also