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Type Savings



The ISA (Individual Savings Account) is a tax-free savings scheme introduced by the treasury in 1999.

Each tax year you are allowed to invest up to 7000 in an ISA, either as

  • one 'maxi' ISA, in which you can invest up to 7000, all in shares, or split between three components, shares, cash and life insurance, with a maximum of 3000 in cash and 1000 in life insurance
  • or as

  • up to three mini ISAs, with up to 3000 in one mini cash ISA, up to 3000 in one mini shares ISA and up to 1000 in a mini insurance ISA.

    So if you want to invest more than 3000 in shares, you have to choose a Maxi-ISA.

    The government has introduced a CAT Standard which specifies minimum standards in three things - fair charges, easy access, and decent terms. But the CAT standard is no guarantee of the performance of the investment.

  • Why in 100 Best?

    If you're a taxpayer, ISAs are a great tax-free way to invest in the stock market, or to achieve a higher rate of return on low risk savings. If you're investing in shares, beware of account administrators with high costs and poor investment strategies. These can more than offset the tax-free advantages of the scheme.
    ISA Factsheet from HM Revenue & Customs

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    Listing contributed by Andy

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    Best Personal Finance - Guide To ISAs - Info, Pros, and Cons - 1 votes