Individual Savings Accounts (ISAs) are a great way to make the most of your savings as you can save tax efficiently. There are two types of ISAs; Cash ISAs which are simply tax-free savings accounts; and Stocks & Shares ISAs.
At the start of every tax year you get an ISA allowance. A tax year runs from 6 April one year to 5 April the next year. For the current tax year, which ends 5 April 2014, you can save up to £11,520 in an ISA, of which up to £5,760 can be put into a cash ISA.
For tax year 2014/2015, you will be able to save up to £11,880 in an ISA, of which up to £5,940 can be put into a cash ISA.
There are a few ways you can use your allowance. You can:
1. Save up to the cash ISA limit into a Cash ISA, and invest the remaining in a stocks and shares ISA
2. Or, you can invest the full ISA allowance in a stocks and shares ISA.
If you have already paid into a cash ISA this tax year you won't be able to pay into another cash ISA until the start of the next tax year. You can however, still transfer between cash ISAs or from a cash ISA into a stocks and shares ISA.
Which Cash ISA is right for me?
At Santander we offer a range of cash ISAs for you to choose from. These are available to anyone aged 16 or over (our 123 2 Year Fixed Rate ISA is only available to those aged 18 or over who hold either a 123 Current Account, 123 Credit Card or are a Santander Select customer) and are, resident in the UK for tax purposes.
Get peace of mind with a Fixed Rate ISA
If you're looking for a Fixed Rate cash ISA, you can save up to the annual cash ISA allowance plus you can transfer in other cash ISAs you already have. Find out more and apply for a Fixed Rate ISA today.
Instant access with the Direct ISA Saver
If you're looking for a variable rate cash ISA that allows instant access then our Direct ISA Saver could be right for you. You can save up to the annual cash ISA allowance plus you can transfer in other cash ISAs you already have. Find out more and apply for the Direct ISA Saver today.
Easy access with the Easy ISA
Welcome to the easy way to save. Instant access to your money whenever you want with the benefit of tax-free interest too. Find out more and apply for the Easy ISA today.
More ideas for your money
Get peace of mind with our Fixed Rate Savings products.
You can view and compare all of our ISAs by going to our ISA Compare Page.
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