Great for you if:
you are a taxpayer and haven't yet utilised your tax free allowance.
Individual Savings Accounts (ISAs) stop the taxman from eating into your savings.
Cash ISAs protect your savings from not only Personal Income Tax but Capital Gains Tax too. Provided your money is in an ISA, you do not need to declare your interest on your tax return.
ISAs are available as easy access and fixed term cash ISAs and while you can always access your money, fixed term cash ISAs come with an interest penalty for early closure.
Lifetime ISAs are treated differently, see our Lifetime ISA page
for more information