Virgin Money has a selection of Cash ISA’s currently available as well as a tax-efficient Stocks & Shares ISA. However to make sure you get the very most out of your annual allowance it is wise to shop around to compare the ISA market before you make your decision. You can use the comparison table above to compare top best buys from a selection of ISA providers, which might help you decide:
Virgin Money Cash ISAs
Virgin Money has a wide array of Cash ISAs with which you may be able to benefit from tax-free interest, including; Easy Access, Limited Access options as well as Fixed Term ISAs allowing you to lock savings away for up to 5 years depending on your requirements, with both online or in branch/postal options available.
Virgin Money Stocks & Shares ISA
The Virgin Money Stocks & Shares ISA allows you to invest in a tax-efficient and flexible manner. You get a choice of 5 different investment funds allowing you to pick the one based on your attitude towards risk.
Types of Individual Savings Accounts
There are two categories of Individual Savings Accounts; Cash ISAs and Stocks & Shares ISAs, which are substantially different. You can have one of each type of account each tax year however your annual personal allowance stays the same, so if you do decide to operate both accounts you need to break it up between the two.
These are essentially a normal savings account, however they enjoy a tax-free status up until your maximum interest. There are a range of choices of different kinds of cash ISA offered by different providers, some kinds might include Instant Access Accounts which offer you immediate access to your money. Easy Access Accounts that offer a saver limited access for early withdrawals and Fixed-Rate Accounts which require the saver to lock their savings away for a fixed period of time. In general the less access an account grants to your capital the better interest rates it will offer.
Stocks & Shares ISAs
Stocks & Shares ISA have the potential to yield higher returns, however they are investment accounts. This means that you can use these to invest in other products such as; gilts, funds and shares. As these products can decrease as well as increase in value there is a chance you will get back less than what your originally invested, therefore this type of account does not offer FCSC protection. There self-select ISAs that allow you to to choose which products are invested in, or collective investments where your money is pooled with other investors and placed in a range of investments fitting a certain criteria.
There also Junior Cash ISAs and Junior Stocks & Shares ISAs designed for younger people. You can open a junior ISA for any person under 16 that you have parental responsibility of, savers aged between 16 and 18 can open there own junior ISA if they choose to.
All providers of ISAs have to allow you to transfer them to another provider if you wish to. They can however place an interest penalty on savers for doing so. It is wise to often shop around to find the best deal for the type of ISA you are interested in. But when working out if it could make you more money remember to calculate any interest penalty you may be charged for the transfer first, as it could be that you’d stand to save more by staying put.