Is a Smart ISA right for me?
Updated 9 months ago
When you save into a Smart ISA you can enjoy tax-free* interest on your savings.
Although, many people may not need to pay tax on their savings because they have not exceeded their annual Personal Savings Allowance (PSA).
The PSA was introduced in 2016/17 and gives all tax-payers a tax-free savings allowance. If you're a basic rate tax-payer, you can earn up to £1,000 per year tax-free. Higher earners can earn up to £500 per year.
If you exceed your PSA, then the Smart ISA might be right you.
*Tax treatment depends on your circumstances and may be subject to change.
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