Within your easy access pot is an ISA (Individual Savings Account), which is a tax-free savings account, where you won’t pay any tax on the money you make within it (which can be a huge saving over time).
You can save up to £20,000 per tax year (April 6th to April 5th the following year).
If this limit is reached, or you don’t want to save within an ISA, a standard account will be used (this doesn’t have any tax-free benefits).
You can access money within a few days but could be around a week.
Note: the government could change these tax rules in the future, and your overall tax treatment will depend on your individual circumstances.
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By making an investment, your capital is at risk. The value of your investments depends on market fluctuations outside of our control and you may get back less than you invest. Past performance is no indicator of future performance. The tax treatment of an ISA and a pension depends on your individual circumstances and may be subject to change in the future. You should seek financial advice if you are unsure about investing.
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Beach (Beach Finance Ltd) is authorised and regulated by the Financial Conduct Authority (1010244), and registered in England and Wales (14969609).
