How much tax will I save by taking out an ISA for 30 years?
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The ISA 30 Year Tax Savings Calculator helps you to work out how much you are saving by putting your money into an Individual Savings Account (ISA). Everyone in the UK has an annual ISA allowance of 10,200 GBP, so it is worth using this allowance up before you consider alternative saving options. Enter the amount that you plan to save over a 30 year period, the interest rate offered by the ISA provider and also the rate of tax that you would normally pay if you put your money into a standard savings account.
The ISA 30 Year Tax Savings Calculator will then work out how much tax you would be saving over this period. Do remember that your ISA rate needs to be high enough that you get a decent return for your tax-free savings. If the rate is uncompetitive, you would be better off going with a standard savings account and paying tax on your savings. You can use your ISA allowance to invest in Stocks and Shares as well as just saving cash if you choose - your 10,200 GBP allowance can be split equally between a Cash ISA and a Stocks and Shares ISA, and in the latter case you would pay no tax on any dividends that you earn. For any investment that constitutes a risk to your savings, you should consider consulting a financial adviser before taking any decisions.