A cash ISA gives you interest tax free - it's like having your own personal tax haven, without going offshore.
Cash ISAs are similar to ordinary savings accounts, except the interest you earn is paid without tax taken off. There are rules about who can have a cash ISA and how much you can pay into one. But the idea behind cash ISAs is quite simple.
What's happened to the interest rate on your cash ISA?
If you've taken out a cash ISA at a competitive rate can you still top it up or have rates fallen?
Over the weekend I had an email from someone where the interest rate on her cash ISA had fallen sharply. Not surprisingly, she wasn’t very happy about this. So, I decided to look at cash ISA interest rates, especially the interest rates on cash ISAs that were best buys in April this year, to see whether they’d fallen – and by how much.
If you want to save a regular amount each month, find a regular savings account paying the highest rate of interest
If you want to get the best interest rates on your bank or building society savings, a regular savings account could be the answer. As you’d expect, the idea is that you have to save a regular amount every month. Some let you save as little as £10 a month and you may be able to save several hundred pounds a month. You can normally ‘miss’ one or two payments and still keep the high interest rate. The catch? Well, the only catch is that you are limited in how much you can save.