Individual savings account

An individual savings account (ISA) is a type of bank account that lets you save money without having to pay tax on the interest you earn. It's like a piggy bank that helps you save money and keeps it safe.

When you put your money into an ISA, the bank or financial institution invests your money in different ways, such as stocks or bonds, to help it grow. You can choose between different types of ISAs, like cash ISAs or stocks and shares ISAs, depending on how you want to save and invest your money.

The great thing about ISAs is that you don't have to pay taxes on any of the interest that your money makes. This means that you get to keep all the money that you earn from your savings.

When you want to take your money out of your ISA, you can do so at any time without having to pay a penalty. This makes it very easy for you to access your savings whenever you need to.

In summary, an individual savings account is a special bank account that helps you save money and earn interest without having to pay any taxes on it. It's a great way to start building a nest egg for your future.