Stocks & Shares ISA: The tax-free savings account everyone ignores

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Your 2-minute guide to demystifying money and making you richer

Why you should use an S&S ISA

It’s one of the most baffling discrepancies in personal finance:

More than half of UK adults have savings accounts, which pay interest on your money. But only 6% have a stocks and shares ISA, which offer greater returns than a vanilla savings account and are tax-free. 

Savings accounts are offering around 5% interest on your money right now. But the average return on an S&S ISA over the past 10 years has been 9.64%.

• The lack of demand for ISAs is all the more puzzling because no one who uses an ISA pays any tax on the gains. Everyone with a regular savings account is subject to tax.

A free-money scheme in disguise

So why don’t people use ISAs?

If you’re new to saving and investing, a “stocks and shares individual savings account” can sound pretty intimidating. Like everything in personal finance, ISAs have a complicated name designed to bore young people and disguise the fact that they are one of the…