What's the difference between a Cash ISA and a savings account? | Millennial Money

Lauren speaks to our resident financial expert Damien Fahy about the difference between a Cash ISA and a savings account.

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[jusoffiati]

so clear! finally someone who explained it well!

[TheAlbinoskunk]

This is the first I have heard of the savings allowance, thank you so much! Cleared up a lot of confusion I had over the difference between savings accounts and ISAs

[Ekaterinamail]

Cash ISA interest is about 0.6 year. So if I put in £20 000, my yearly interest is £120 per year?? What about inflation? I do not see any advantage.

[francescah]

Thank you for keeping it simple, I'm still not 100% clear... it would be great to have it brought to life with an illustrated example with figures, so if I had 5k and put it in a savings account on the same interest rate as a cash ISA, to just fully close the loop on my understanding!

[aroearobbinson]

Love this was going crazy trying to figure it out

[tc]

If you're going to accumulate £1m in a cash ISA you may as well stick it in stocks and shares... It's not worst thing you could do just don't go over the £85k limit per bank!!!

[lolatylar]

Can you transfer a saving acc to cash isa . Thanks for sharing

[tungchuwong]

For the last tax year, my department opened a Cash ISA in January 23, and then deposited a new amount into the Cash ISA account in February (no more than 20, 000 pounds at the time).
Then in the second tax year, that is, in June 23, I injected a new amount into the same Barclays Cash ISA (total has exceeded 2 pounds). Barclays injected funds into 2 different tax years separately.

On the same day, in June 23, I opened an ISA Cash account in another bank, Lloyds Bank. That is, now I have opened a CASH ISA account in 2 different banks, but they have separated 2 tax years and different banks. Do this Got it? Thank you.

Opened the first ISA Cash Account in January 23, and deposited some amount in February.
In June 23 of the second tax year, the additional amount was added to Barclays.
Opened an additional ISA CASH account at Lloyds Bank in June 23.

[kieron]

On a ISA do you have to put money in every month

[shaki]

Can I have a cash isa and a lifetime isa at the same time?

[nusratrahman]

Can you use a cash ISA to buy a house?