ISA (Individual Savings Account): Who Qualifies and What You Get
Learn how to grow your savings with tax-free interest and growth through the Individual Savings Account scheme.
An Individual Savings Account (ISA) is a way to save or invest money while keeping the interest or growth earned completely free from tax.
Who it's for
This scheme is available to individuals who are residents of the United Kingdom and are aged 18 or older.
What you get
You can put money into these accounts to earn interest or benefit from investment growth. The main benefit is that you do not have to pay tax on the gains or interest you earn, up to a certain yearly limit set by the government.
What it costs you
There is no tax cost for the gains or interest you earn within the allowed limits.
The catch to know
You are restricted by an annual allowance. You can only pay into one of each specific type of ISA during a single tax year.
How to apply
- Choose the type of savings or investment account that fits your needs.
- Open an account through a bank, building society, or investment provider.
- Deposit your money while staying within the yearly limit.