Individual Savings Account

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An Individual Savings Account is called an ISA. It is a special type of bank account in United Kingdom. It was started on 6 April 1999. Before that, Personal Equity Plans (PEPs) and Tax-Exempt Special Savings Accounts (TESSAs) were used. You can put £3600 or less in an ISA every year. It is special because you do not pay any tax on the interest you get.