Cash ISA
A Cash ISA (Individual Savings Account) is a type of savings account available in the United Kingdom that allows individuals to save money without paying tax on the interest earned. It is designed to encourage saving by providing a tax-free environment for your savings. Each tax year, there is a limit on how much you can deposit into a Cash ISA.
Cash ISAs are typically offered by banks and building societies, and they can be accessed easily. You can withdraw money when needed, but there may be restrictions on how often you can do this without penalties. Overall, a Cash ISA is a straightforward way to save money while maximizing your interest earnings.