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Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme. The maximum level of protection will be reducing from £85,000 to £75,000 from 1 January 2016.
Normally, a slice of any interest you earn from a savings account goes straight to the taxman. However, a cash ISA, or Individual Savings Account, is a type of account that allows you to earn interest tax-free.
Each tax year (6 April to the following 5 April) you can invest up to a specified limit in a cash ISA – click here to download your FREE 8-page ISA allowance guide for the current tax year. You will need a PDF reader such as Adobe Reader to download this guide.
Even if you have no money to invest in the current tax year, you can still transfer your ISA to another provider, if you find you’re not earning the best rate on your savings.
However, if you wish to undertake an ISA transfer, please do not physically withdraw and transfer the money yourself. Your new provider will give you a form to fill in and your old and new ISA providers will liaise on your behalf, in order to protect your savings’ tax-free status.
Tax advantages will depend on your individual circumstances and may change in the future.
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