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> Bank and finance > What is a cash ISA ?
What is a cash ISA ?
What is a cash ISA ? An Individual Savings Account (ISA) is a savings account with special tax advantages : you do not have to pay income tax on the interest you earn.
What is a cash ISA ?
An Individual Savings Account (ISA) is a savings account with special tax advantages : you do not have to pay income tax on the interest you earn.
There are limits to how much money you can put in a cash ISA in any tax year (which runs from April 6 to the following April 5).
In the 2010-11 tax year, the limit is £5,100 per person, and this is due to be raised in line with inflation every year from next year onwards.
You have to be 16 or older to open a cash ISA.
ISA : There are two types of ISA
Cash ISA : Deposit based savings account
Stocks & Shares ISA : Invest directly in stocks and shares
You can choose to save in a Cash ISA or invest in a Stocks and Shares ISA or a combination of both.
Last week, UK Asset Resolution Limited (UKAR), the "bad seed" of the bank Northern Rock, anounced the payment of 2,15 billions pounds to the british department of finance after the 1,1 billion pounds in 2010.
The bank still owes 46,6 billions pounds to the Treasury after the British state bought out Northern Rock in 2008 to save it from bankrupcy.
UKAR, which also holds the account of lowns of Bradford & Bingley made a 1,09 billion profit in 2011. The (...)
Northern Rock : 2 billions for the state from the "Bad Bank"
Northern Rock Building Society was formed in 1965 as a result of the merger of two North East Building Societies; the Northern Counties Permanent Building Society (established in 1850) and the Rock Building Society (established in 1865).
During the 30 years that followed, Northern Rock expanded by acquiring 53 smaller building societies, most notably the North of England Building Society in 1994.
The bank has conducted during the 2000s a policy of loan risk: much of its (...)
