Guide to Savings Accounts
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Cash ISA's are a great way to save and avoid paying tax on the interest you earn. Cash ISA's have a ceiling limit of how much you are legally allowed to pay in each tax year of £5100 per person.
The Cash ISA offers a safe investment which is deposit backed, making them a great plan for the more cautious investor. Whereas Stocks & Shares ISA's offer the possibility of a higher return but at a higher risk, worse case scenario; you could loose everything you have invested!
The huge variety of ISA providers can be overwhelming, it may be helpful to seek professional advice from an IFA.
Cash ISA's can be sourced from most high street banks or building societies as well as many other large finance companies. Accounts can offer instant access but higher rates of interest can be achieved by choosing a notice account ISA which requires notice to be given in order to access the funds. Some of the notice accounts offer a fixed rate of interest which is usually quite competitive but the funds do need to remain untouched for the whole of the term to qualify for the full benefit.
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