Cash ISA Comparison
Although all Cash ISAs sit within the same category there are a wide range of different kinds of Cash ISA offered from a variety of providers. As each eligible person can only open up to one cash ISA each year (although you may be able to transfer) it is wise to first compare the different types on offer from providers to try and find the one which fits how you want to save best.
You can use the tables above to compare a selection of cash ISAs from different providers which might help you decide which could be right for you.
Types of Cash ISA
Instant Access Individual Savings Accounts are designed to allow savers to easily access the funds contained within their cash ISA without incurring any sort of penalty which may prove useful to those who feel they may to make a full or partial withdrawal from their ISA during its term.
With a fixed term or rate Cash ISA savers are usually require savers to lock away their savings into the account for a predefined period of time. In return providers will usually offer a fixed rate of interest so you know exactly how much you stand to gain, Fixed Cash ISAs do tend to offer better interest rates than their instant access counterparts but this is not always the case.
Junior Cash ISAs
Junior Cash ISAs are designed to save on the behalf of a young person and have a different annual allowance. Someone with parental responsibility of a child can open a Junior Cash ISA on their behalf; alternatively young people aged between 16-18 may open their own.
Family and friends of the child can deposit money into the ISA for them, which is treated as a gift and is not returnable. However neither the child nor anyone else can make any withdrawals until the 18
th birthday of the child, at which point it changes to their name and they can do with as they wish with the money held in the account.
Other kinds of ISA
Savers are also permitted to open a Stocks and Shares ISA within the same tax year, although they will need to break up their overall ISA allowance between the two accounts so as not to exceed it, stocks and shares ISAs are capital at risk products which means that as the value of your investments can go down you could get back less than you originally invested, however they do also have the potential to offer higher returns.
Find out more about Stocks and Shares ISAs here.
There are also Help to Buy ISAs which are designed to allow individuals to save for the deposit on their first property,
click here to find out more.