An ISA or Individual Savings Account isn’t an investment itself. It is a tax efficient “wrapper” in which you can place other investments.
A Cash ISA operates just like a normal Bank or Building Society savings account apart from the fact that the interest paid on your deposit is paid gross of tax rather than net of tax, giving you a higher return.
Opening a Cash ISA is almost as straight forward as opening any normal savings account.In general you have to be 18 or over and resident in the UK for tax purposes to qualify for an ISA allowance.If you are 16 or 17 you qualify for the cash portion of the ISA allowance.
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