Cash ISAs are a simple, tax-efficient way to save. It could make your money work harder than a traditional savings account.
Cash ISAs & Fixed Rate ISAs explained
With an ISA, or , each tax year you’ll get an ISA allowance. You can save up to this amount each year without paying income tax on the interest you earn.
Royal Bank offer two types of cash ISA, an instant access Cash ISA and a Fixed Rate cash ISA where you can put your money away for 1 or 2 years.
Need to know when applying for a cash ISA
- As of 2023/24, the ISA allowance is £20,000 across different ISA products.
- You can only open one cash ISA per year.
- 16 or over? You can apply for an adult ISA. Under 16? You can apply for a Junior ISA.