Welcome to our Savings Glossary. Here you will find definitions for more commonly used savings terms, making the jargon clearer. If you're unsure of any words or phrases, simply use the guide below.
ISA (Individual Savings Account)
ISAs are a convenient way of saving without having to pay tax on the interest you earn, particularly if your savings interest exceeds the Personal Savings Allowance. Our range of Cash ISA’s are available to both new and existing members aged 16 and over. We also have a Junior ISA (JISA) available to children aged 17 and under.
The amount you are able to save in an ISA during the tax year. For the tax year 6 April 2016 - 5 April 2017, your allowance is £15,240. You can choose to split your £15,240 annual allowance as you wish. For example, all cash or all stocks and shares, or a split between the two.
This is the percentage rate which is used to calculate the amount paid to a saver and is based on their account balance.