You can now apply for the ING Direct Cash ISA on compareandsave.com, and get a competitive interest rate of 3.00% AER.

This AER is equivalent to 2.96% gross per annum (variable) and includes a 1.47% gross per annum bonus fixed for the first 12 months from the date you open your account.

A Cash ISA is a type of savings account which allows you to save up to £3,600 per tax year (from April 6 to April 5 the following year). Any interest you earn on your savings in an ISA will be tax-free and you will therefore not have to give any of it to the tax man. This will mean a basic-rate taxpayer will keep the 20% of the interest that is usually paid in tax, and a high-rate taxpayer will keep an extra 40% of the interest earned.

The ING Direct Cash ISA is an instant access savings account and so you can take out money from it whenever you need to, without incurring penalties or extra charges. However, because you have a £3,600 limit per tax year, if you have used all of this allowance and withdraw money from the account, you won’t be able to put it back during that same tax year.

You need to be at least 18 years of age to open this savings account

Click the link for more information about the ING Direct Cash ISA.

Want to know more about ISAs? Click the link to view our ISA guide