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Finance

Individual Savings account: what are they and how they work

If you are reading this article, maybe you are looking for information related to the field of investments. Maybe you have not invested yet or haven’t started your emergency fund. If it is your first time, you have to know that doing research is the most appropriate first step. After that is the time to evaluate your financial situation. Are you aware of your overall earnings, the recurrent expenses, and of the money you might have already saved up? Starting from here you can build a strong plan and a profitable strategy for your investments. After that, it will be time to evaluate all the asset options available to allocate your money. While gathering the information you most likely came across the term ISA (Individual Savings Accounts). There are different types of ISA and they have tax advantages for the investors. In fact, the profits earned are not subjected to capital gains tax or income tax.

Open an Individual Savings Account

As we said, there are different types of ISA available. You can have more than one if you satisfy the prerequisites. Do you want to know what is required? To begin with, you must be at least 18 years old (or 16 for a specific kind of ISA) and a resident of the United Kingdom. A valid identity card is necessary as proof. Your individual circumstances will determine whether you are eligible to allocate your money to an ISA, and all tax laws are subject to change. Are you asking yourself how much can you put in an ISA? You can save up to £20,000 with one account type for the current tax year (2022-2023), or you can split the sum over multiple accounts.

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The ISAs

In case you are interested in this investment option, here you can find a brief description of the different types of ISAs available with the support of stock brokers, peer-to-peer lending services, credit unions, crowdfunding firms, banks, building societies, or other financial institutions, you can open one or more Individual Savings Accounts. Even once your account has been created, switching providers is still an option you have at any time.

Cash ISA

When you are 16 years old, you are allowed to open and own this tax-free account. This option is available for young people who are interested in investments from an early age and are willing to start saving money for their future.

Stocks and Shares ISAs

Along with saving money, you may also invest in tax-efficient ways in your earnings and savings. The Stocks and Shares ISA lets you buy assets such as bonds, investment trusts, stocks, mutual funds, and many more other options. Usually, this is the option chosen by the investors who are prepared to face some risks and the volatility of the markets.

Lifetime ISA (LISA)

Known as LISA, the Lifetime Individual Savings Account is the latest ISA option available for investors. It is designed for people who are between 18 and 39 and that are interested in saving money to purchase their first property or for retirement. The owners of this ISA are receiving the 25% of their investments (up to £4,000), as a contribution from the British government.

Innovative Finance ISAs

This type of ISA consists of peer-to-peer loans. The money you decide to allocate in this Individual Savings Account is going to be accessible to individuals, businesses, and lenders via internet markets and lending platforms. Typically, Innovative Finance ISAs provide greater interest rates but they are risky since the returns also in this case are not guaranteed.

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