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What is an ISA?

An ISA (Individual Savings Account) allows you to invest up to £11,280 tax free in the current tax year (2012/13).

There are two types of ISA:

• Cash ISA - You can invest up to £5,640 in cash this current tax year with the balance of £5,640 in a shares ISA.
• Share ISA - You can invest up to £11,280 in shares.

What are the benefits of an ISA?

You can invest up to £11,280 tax free in cash, shares or a combination of both.

You can take advantage of tax breaks to earn more than you would with a standard savings account. Read our guide which compares ISAs and standard savings accounts.

What else should I know about an ISA?

• With a share ISA, you’re not guaranteed a return on your investments each year. They should be seen as a long term investments.
• Ensure that you take your full allowance each year. Once the year is over you lose any unused allowance.
• Try not to withdraw money from your ISA, as you’re not able to re-invest once you’ve made a withdrawal.

For more information read our guide to increasing your savings or our 10 tips to boosting your savings.