First off, they're tax-efficient. That means you won't be paying taxes on any money that grows or comes out of your ISA. No income tax, capital gains tax, or dividend tax when you take out your money. It's like giving your savings a comfy, tax-free blanket.
Why might you need one? Well, life is full of expected and unexpected moments. Maybe you're dreaming of that holiday to the Maldives, or you want to ensure your kid can go to university without the stress of student loans, or perhaps you have a home project you want to tackle. An ISA is like your financial safety net, securely holding your savings.
They're great for planning for things like:
- Those unexpected emergencies that pop up
- Sending your kiddos to university
- Funding that hobby you love
- Buying or improving your home
- Raising children
- Those dream holidays you want to take
- Sailing smooth into retirement
There are different types of ISAs, where you can generally hold either cash, investments or a combination of the two. It's important to note that although you can hold cash in your Cushon ISA, it is a stocks and shares ISA.
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