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Blogs
2 mins Read | 0 Days Ago

What are ISAs?

Applying for an OCI Card

Supercharging your money's potential in UK

Welcome to the world of Individual Savings Accounts or ISAs, which are supercharged Savings or Investment Accounts available to all the residents of the United Kingdom.

What makes ISAs so attractive?

ISAs are a tax-free zone. They offer you the opportunity to save or invest your hard-earned money without having to pay income tax or capital gains tax on any returns you earn within the account. With a variety of ISAs to choose from, there is something to suit every financial goal and preference. So, if you are looking for a tax-efficient way to make your money work harder for you, ISAs are worth exploring. Let us look at what are ISAs and how you can benefit from them.

Take your pick

There are many ISA options to match your financial needs. There are Cash ISAs, which are like regular Savings Accounts, offering a safe haven for your hard-earned pounds. Feeling a bit more adventurous? Say hello to Stocks and Shares ISAs for an exciting world of stocks, bonds and funds.

Make smarter investments

There are Lifetime ISAs too. These are specially designed to help you save for big milestones like your first home or those golden years of retirement. And, let us not forget the innovative Finance ISAs where you can jump into peer-to-peer lending and crowdfunding, adding a touch of flair to your investment journey.

Save more with an allowance

Here is a tip: each tax year (from April 6 to April 5), you have a substantial amount of ISA allowance to play with. Currently, it is a generous £20,000 per tax year.

ISAs offer you a way to save taxes and invest in the United Kingdom. No wonder, they have become a top pick for savvy savers and investors alike. Get ready to make the most of your money, embark on your financial journey and watch your savings and investments grow.

Disclaimer

The contents of this article/infographic are meant solely for informational purposes. The contents are generic in nature and are not intended to serve as a substitute for specific advice on any matter whatsoever. The information is subject to updation, completion and verification and the applicable norms may keep changing materially from time to time. This information is also not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to applicable laws or would subject ICICI Bank Limited/its affiliates to any licensing or registration requirements. ICICI Bank Limited/its affiliates and their representatives shall not be liable for any direct or indirect losses or liability incurred arising in connection with any decision taken by any person on the basis of this content. Please conduct your own due diligence and consult your financial advisor before making any decision. Terms and conditions of ICICI Bank and third parties apply. ICICI Bank is not responsible for third party services. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to avail any products/ services of third parties.

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