It is imperative to be able to save and invest on something that makes money and according to the ISA guide; we can do the following.


ISA According To The ISA Guide

ISA or Individual Savings Account is a program launched by the United Kingdom government for its people. This financial saving and investment program took the place of previous financial programs that catered only to the middle class. This one on the other hand can be availed by UK residents from different walks of life.  ISA was introduced on April 6, 1999 and it took the place of the following programs: Personal Equity Plans and Tax – Exempt Special Savings Accounts.


People Eligible To Have ISA

ISA’s can be availed by almost everyone as long as they are residents in the United Kingdom. Children below sixteen years old can have an ISA according as they have someone to take on adult responsibility. Children with ISA’s are not allowed to take full charged of their account unless they have turned eighteen where their account will be changed to an adult account. Cash withdrawals with this type of ISA is not allowed unless the child has turned eighteen or has acquired an illness, or if the ISA owner is deceased.

ISA’s for residents above eighteen years old have two types of ISA’s to choose from. One is the cash ISA where an owner is going to save money similar to a savings account.  The other one is the stocks and shares ISA where one can invest on qualifying investments that is dictated by the bank.  This ISA is very interesting because it allows one to make money without worrying about taxes. Also, this type of ISA continuously makes money even if the owner has moved to another country as long as the ISA is not discontinued.

Requirements for ISA’s are very easy to prepare. A National Insurance Number is needed and this is located in the tax form or pay slip. An identification of who you are and where you live is also important to provide. These identifications can be in the form of a driver’s license, a passport, a utility bill or council tax bill. Bills for your mobile phone are not acknowledged.


The Best Time To Avail Of ISA

It is best to open an ISA as soon as possible but don’t forget to inquire or ask the bank of their best deals. Some ISA owners say that the months of February to May is when ISA’s should be availed because of the promotions and deals that banks provide to new accounts.


Where To Avail Of ISA According To The ISA Guide

ISA GuideYou can go to any bank to open you ISA. It is advISAble though to do a research because different banks have different terms and conditions especially when it comes to the withdrawal of your savings and profit. There are some banks that allow an ISA owner to withdraw anytime without restrictions on the amount or date while others follow a certain protocol which may cause delay especially at times when you need to withdraw money hurriedly. The ISA guide recommends that you choose a bank that suits your needs.