Individual Savings Account (ISA)

A savings account is a retail account held with a financial institution designed to incentivise saving. Savings accounts pay interest and typically lack the features of current accounts. Savings accounts come in multiple formats. Instant access accounts allow savers to withdraw funds at will; notice accounts require savers to provide advance notice of withdrawals or they forego interest. Others require savers to deposit cash each month (up to a cap). For savers wishing to deposit with lump sums, savings accounts can also offer fixed-rate options, typically for between one and five years.