Bank Accounts ISA Accounts

Published on 10 July 2012 by Raffick Marday

Bank Accounts ISA Accounts

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Listed on our bank accounts comparison tables are ISA accounts that are available. Just click on the more information button to get further details about the bank account.

How does an ISA Account work?

ISA accounts are not like normal savings accounts, a cash ISA is tax-free. Tax Free means that you not have to pay UK Income Tax on any of the interest earned from your ISA also you do not have to declare an ISA account on your tax return.

How is the interest calculated?

The interest rate is usually variable, meaning that your provider may change from time to time. Your interest is usually calculated on a daily basis on balances of £1 and over, All interest earned will be credited to your account once a year on the date specified by your provider. If you were to withdraw money from your account, your provider will stop paying you interest on the day they issue your payment.

Who can apply for an ISA account?

Anyone over the age of 16 years and who reside in the UK (for tax purposes). For a stocks and shares ISA the minimum age requirement is 18 years. You can open your ISA from as low as £1.00 but some providers have higher opening account limits.

How do I manage my ISA account?

Once you have opened your ISA account, you can manage your account either over the phone or by setting up an online account to allow you internet access. Via these methods you can update your details, make additional deposits or withdraw funds, plus you can check your balance and get a transaction history.

How much can I save?

Each person can investment £7,200, per annum of this amount a maximum of £3,600 can be invested in a cash ISA

- Cash ISA Accounts – you can invest up to £3,600 with one provider
- Stocks and shares ISA Accounts – you don't have to invest in a cash ISA you can use the full investment in stocks and shares or split it 50 / 50. The total allowance must not exceed £7200 per annum.

New Higher allowance for ISA's

As from 6 October 2009, the overall ISA investment limit increased to £10,200 for those who will be aged 50 or over on 5 April 2010. Maximum for cash ISA is £5200 per annum.

In 6 April 2010 all ISA savers will be eligible for the higher allowance.

Managing the maximum potential from your Cash ISA

You can get maximum usage of previous tax year ISA cash savings by switching these to your stocks and shares ISA, without affecting your annual ISA allowance. You'll need to speak to your ISA provider to do this.


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