ISA (Indavidual savings account)

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An ISA (Individual savings account) is a bank account which allows you to save money without being taxed.

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Normally the government would tax a portion of the interest that you’d receive on your savings, meaning you’d receive slightly less, however an ISA allows you to keep every penny of interest.

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Some ISAs have a fixed rate of interest, and sometimes that means that once money enters the account, it cannot be withdrawn until a pre-agreed date unless you’re willing to pay a fee or forfeit some of the interest you would off received.

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