ISAs(Individual savings accounts) are saving accounts which are not taxed. You can only invest your yearly ISA allowance. For the current tax year this is £20,000.
This means any interest you make is free from the tax man. There are different types of ISAs:😃🚫
💵💰Cash ISAs are basic accounts, your funds are kept in Cash and are easily withdrawable.
🌎🗺Stock & 📰Shares ISA funds are invested in company stocks and shares🚀.
And 🗼Innovative 🏦Finance ISAs(IFISA) are specific to peer to peer platforms such as Zopa or Ratesetter.
There are also 👀🏛Government backed ISAs which help you save more towards a home.🏠🏖
👩💻🤰The Lifetime ISA gives a £1000 per year bonus if you save the maximum £4000 per year.There is a penalty of 20% if you withdraw your funds early and don't put them towards a buying your home.🤷♂️
🤓🙊The Help To Buy ISA offers a maximum bonus of £3000 if you save the maximum £12,000.👩🏫 Opening an ISA is extremely straightforward..