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If you’re in an envious position for a student, and actually have left over money, maybe you work and could do with stashing it away somewhere, you should seriously consider putting some aside in a mini-cash ISA, this guide will tell you all you need to know about ISA’s and some tips on the best one’s out there, so keep reading.
What is an ISA?
Basically an ISA is a savings account, where the interest you earn isn’t taxed, therefore you earn more interest for a year on up to £3000 cash. So to clarify, if you put your money into a mini-cash ISA (up to £3000), the taxman can’t touch it.
ISA’s Explained
A lot of people don’t know much about ISA’s, or often get confused about some aspects, so here are some facts: -
- You may only put up to £3000 in your ISA during the year.
- Money can be withdrawn at any time, without losing your tax benefits, for example if you put £2000 in, withdraw £1000, you will still have £1000 tax benefits left, regardless what happens after this.
- You get a new ISA tax allowance each tax year
- Only one mini-cash ISA account per year
- Information provided by Goldie @ StudentCashFlow
Personally I have gone for the Natwest cash ISA, this offers 6% and is paid monthly into my account. |
Money Advice 
