There are various tax efficient investments available from National Savings & Investments (NS&I), including:
premium bonds
income bonds
savings accounts
investment accounts
guaranteed growth bonds
individual savings accounts (ISAs)
NS&I also has some products that were formerly on general sale but are now closed to new investors:
national savings certificates
children’s bonds
As NS&I is backed 100% by the Treasury, these products are a very secure investment. Some individuals may favour an investment with NS&I over similar offerings from the high street banks.
For further information about NS&I products, see Practice Note: National Savings & Investments products.
ISAs are tax-free funds in which UK residents can hold a range of different investments. Originally, these were cash or stocks and shares products held by those over 16 years of age, but in November 2011 the junior ISA was launched which allows tax-free cash accounts to be set up for the benefit of those under 16. Innovative finance ISAs were introduced with effect from 6 April 2016.
The main benefits of ISAs are:
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