ISAs explained
What is an ISA?
ISA stands for Individual Savings Account, and they are the Government's way of encouraging you to save by giving you a tax incentive.
Normally when you save the taxman takes 20% of your returns, and more if you are a higher rate taxpayer, wherever your savings are kept - in a bank, building society, or unit trust.
However, this isn't the case when you save in a tax-friendly ISA. In fact, you don't even have to declare your ISA investments to the taxman.
How much can I save?
In the current tax year you can invest up to £7,200 (£10,200 if you were born on or before 5 April 1960). You can either invest it all in a Stocks & Shares ISA, or invest up to £3,600 (£5,100 if you were born on or before 5 April 1960) in a Cash ISA, with the remainder in a Stocks & Shares ISA. The higher allowance will apply for everyone from 6 April 2010.
What do Virgin Money offer?
For a Stocks & Shares ISA you can pick from our FTSE All-Share Tracker ISA, our Climate Change ISA or our Bond & Gilt ISA. Or you can mix your own ISA by investing in more than one of those funds. Plus we also have a Cash ISA.
