There are now 17m Individual Savings Accounts (ISAs) providing tax-free savings in over one-third (37%) of UK households. The ISA has been around for 10 years now, in its two variations, the cash ISA and the stocks and shares ISA. The current annual ISA savings limits are £10,200 in 2010/11, of which half or £5,100 may be saved in a cash ISA, the remainder being invested in a stocks and shares ISA.
However, the current low interest rates have hit returns from cash ISA savings and the stocks and shares ISA is likely to attract more new funds than its cash sister this year.
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