Understanding ISAs and Savings Accounts

ISAs, or Individual Savings Accounts, are key financial tools allowing individuals to save without paying tax on interest earned. There are various ISA products available, including cash ISAs, that provide protection under the Financial Services Compensation Scheme (FSCS), safeguarding deposits up to £85,000 per person per institution. It's essential for savers to choose accounts from reputable providers, even if they are less recognized, as they still offer comprehensive protection. The importance of comparing rates from multiple banks to find the best return on savings cannot be overstated, as many traditional banks may not offer competitive interest rates.