It always makes good sense to think about saving in an Individual Savings Account (ISA). Unlike other savings accounts, money in an ISA is tax free irrespective of the balance of your ISA and how much income tax you pay.
And ISAs have just got a lot more flexible. This means that you'll be able to withdraw and replace money from your cash ISA (subject to any applicable withdrawal charges) without it counting towards your annual ISA allowance for that year, as long as you replace the money in the same tax year as the withdrawal.
The government sets the limit, known as your annual allowance, for each tax year, which runs from 6 April to 5 April. This year from 6 April 2016, your allowance is £15,240.
Tax-free means the interest paid will be free from UK Income Tax. The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.
Everything you need to know about ISAs and how to make the most of your annual ISA allowance.
Read our ISA Guide
Find out more
ISA Transfer Form
Visit fscs.org.uk to find out more
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