cash isa
What are the benefits of a Cash ISA?
What Cash ISAs are available from Icesave?
What is a Cash ISA?
ISA stands for Individual Savings Account. These are special savings accounts introduced by the Government to encourage UK residents to save. There are two types of ISAs which are called Cash and Stocks & Shares - each of which can be held with different ISA providers.
A Cash ISA allows you to save up to £3,600 in cash each tax year.
A Stocks & Shares ISA allows you to invest up to £7,200 in stock and shares each tax year (less any cash that you have saved in a Cash ISA in the same tax year).
You can only open one of each type of ISA each tax year. This means by opening a Cash ISA you'll be limiting the amount of investment you can make in stocks and shares through ISAs. A Cash ISA is like a standard savings account except all interest paid is tax free and the government sets how much you may subscribe each tax year. The Icesave equivalent of this type of savings account is our Easy Access ISA.
What are the benefits of a Cash ISA?
The biggest benefit of a Cash ISA is that all interest earned is tax free. Because the interest on a Cash ISA is tax free your savings grow quicker as the tax man does not take his percentage of your interest. You’ll also often find that Cash ISAs pay a higher interest rate than most standard savings accounts although this isn’t necessarily the case. There are many different types of Cash ISA – some require a notice period for withdrawals, a regular investment to be made or offer a fixed rate on your Cash ISA savings.
What Cash ISAs are available from Icesave?
The Icesave Cash ISA is called an Easy Access ISA. The account offers a range of benefits to savers including:
- A high tax free interest rate
- A long term interest rate guarantee
- No penalties for making withdrawals
- No catches to benefit from our high interest rate
- Easy access to your savings
- Online access 24/7
- A UK call centre for any queries
It takes less than 10 minutes to open an Easy Access ISA so why not open one today!
