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A proven guide to tax free savings

A proven guide to tax free savings

Finance
The interest rates on savings accounts aren't currently that impressive. Consumers with money to save often find that a lot of the interest that they can earn gets eaten up by the tax they have to pay. There are, however, a range of tax free savings options that may be worth considering to avoid this happening. ISAs (Individual Savings Accounts) ISAs have been around since 1999. These accounts allow an individual to save money and/or invest in the stock market in specially designed accounts. Any interest that is earned from ISA accounts is paid tax free. These accounts have savings/investment limits imposed on them. So, for example, an individual is given a tax free ISA allowance of up to £7,200 a year. Up to £3,600 of this can go into a cash ISA. The rest, or alternatively so...