How can we help you?

It is as well as an ISA allowance, so you could still use your ISA allowance as well and there are many reasons why a cash ISA can still be a better place for your savings than an ordinary savings account, even when PSA is here:

  • Your interest is tax-free, no matter how much you earn
  • No need to worry about tax returns or changes to your tax code
  • ISAs can be transferred from one type to another (for example between cash and stocks & shares)
  • ISA allowances are now transferrable to your spouse or civil partner if you die, so they'll continue to earn interest tax-free
  • Money in a cash ISA is protected from tax year after year, so you can gradually increase the amount you are protecting
  • Although interest rates are low now, when they do start increasing the amount of savings you need to tip you over the PSA limit will reduce

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