Individual Savings Accounts - ISAs

Track down the best place for your savings

How ISAs work

There’s never been a tougher time to get a decent return on your savings – and that makes using your tax-free ISA allowance more important than ever.

This tax year (which ends on April 5, 2018), you can stash up to £20,000 into an ISA and you won’t have to pay tax on the interest you earn.

If you don't use up your ISA allowance, you won’t be able to carry it over into the new tax year.

Don’t just settle for the ISA your bank offers you though as returns can vary. If you already have an ISA balance and are looking for a better deal, you will need an account that accepts transfers in.

If you have already used your ISA allowance, there could be much better places than an easy access savings account to put the remainder of your cash. Check out all your options here at our dedicated savings hub.

Remember too that all basic rate taxpayers can now earn £1,000 of savings interest a year without having to pay any tax on it thanks to the new Personal Savings Allowance (PSA). You’re a basic rate taxpayer in the 2017-18 tax year if your income is less than £45,000).

If you’re a higher rate taxpayer, paying tax at the 40% rate on an income between £45,001 and £150,000, you’re entitled to a lower PSA of £500 a year. 

If you’re an additional taxpayer earning £150,001 or more, you won’t get an allowance at all. 

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