What is an ISA (Individual Savings Account)?

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An ISA is an Individual Savings Account which allows you to protect any interest you earn on savings and investments from being subject to tax. The maximum you can save or invest via an ISA in the 2018/2019 tax year to benefit from the tax-free wrapper is £20,000.
There are currently four types of ISA, with each one offering different returns and risk-levels: Cash ISA, Stocks and Shares ISA, Innovative Finance ISA (IFISA), and Lifetime ISA.