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Save your money in an ISAAn ISA is a tax efficient pot in which to have cash savings and investments in equities, bonds and collectives. There are limits on the amount of cash you can transfer in and there is no tax payable on the interest you earn. For the current tax year 2018-2019 the maximum amount you can put into an ISA is £20,000.

A cash ISA is simply a tax-free savings account whereas a stocks and shares ISA is a tax efficient investment account that enables you to put money into a range of different investments. These include unit trusts, open ended investment companies, and investment trusts and include government bonds and corporate bonds. It is also possible to buy individual company shares and put into your stocks and shares ISA. Stocks and shares ISA are higher risk as investments can go up or down in value.

Cash ISA’s can be transferred from providers, usually when interest rates drop dramatically when fixed terms come to an end. The transfer is completed through the new receiving provider. It’s important to note that transfers should not be done by withdrawing the investment and re investing in a new account as this would remove the tax-free status of the investment.

A junior ISA is a long-term tax-free savings account for a child who is under 18, live in the UK and are not entitled to a Child Trust fund account. There are two types, a cash ISA and a stocks and shares ISA and a child can have both however the total amount that can be paid into both combined is £4,260.

For more information on ISA's Individual Savings Accounts, please contact us.