The Limits of a Cash ISA Account

Since 1999, with the introduction of cash ISA accounts or individual savings accounts – an individual is able to make a deposit into an account that has been established with a participating financial institution and is not subject to the regular taxes which are charged on the interest that an individual has accrued through the deposits which are made into an account, such as the regular savings accounts which were available in the past.

There are certain limits which are put into place when it comes to making deposits into cash ISAs
. Currently, the limit that can be deposited into the account is £7,200 per year through a combination of cash and stocks and shares. This includes all deposits which are made into the account through the course of the year.

The year in which the money can be deposited into the account is through the tax year, rather than the regular year. Through this method, it can make the taxes simpler to calculate and the fees easier to organize, rather than working from a year which includes January to December.