It's so frustrating. I literally just opened one... 😞
Savings Accounts0 followers2 questions0 posts
Do you have questions about Savings Accounts?
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Hi Rob, that's a great question. The point of an ISA is to enjoy the benefits of compound interest without worrying about taxes. When you keep your money in an ISA, you don't pay taxes on your savings income. No matter how much interest you earn on your savings, provided they are wrapped in an ISA, you won't pay any income tax.
Standard savings accounts, on the other hand, are tax-free up to a point. If the income from your savings exceeds your tax-free allowance, you will pay income tax on the excess. Let's use an example: if you are... (More)