The amount of interest you can earn on your savings without paying tax. Your allowance depends on whether you’re a basic, higher or additional-rate tax payer. Interest from ISAs doesn’t count towards this allowance.
When a notice period applies to an account a penalty may be incurred for an immediate withdrawal or the closure of an account, subject to the account terms. The penalty would usually be calculated on the amount withdrawn.
Generally issued by building societies, you’d use a pass book to make withdrawals or to pay into your account. All the transactions are printed into the pass book, giving you a handy, instant reference.
The minimum balance is the lowest amount you can have in the account before the bank or building society closes it. Often this can differ from the minimum amount required to open the account.
Junior ISAs were introduced on 1 November 2011 as a replacement to Child Trust Funds (CTFs). A child can open their own account from age 16, otherwise a person with parental responsibility can do it. They are available to those who are under the age of 18 and do not have a CTF, although you […]