ISA Newbie!

**Amy**

Hi All

I will *hopefully* be debt free this time next year so will then be looking at saving what i used to spend on debt payments.

I have been advised that an ISA would be a great way to do this but im not 100% sure on what ISA's are, how they work and most importantly what the best one is.

I will hopefully be putting around £700 a month away for a maximum of 9 months (from June 2009-March 2010 - when im hoping to get a house). So a maximum of £6500 roughly.

Not sure if this makes a difference? I know there are "limits" to ISAs so not sure what to do re: that and what the best savings accounts are?

I have a normal internet access savings account with my bank (HSBC) but am not sure on the APR etc.

Thanks for all help in advance.

doire_2

This year the max amount for a cash ISA is £3,600

Not sure how much it is next year.

The interest you earn is tax free

whu

look at best buys for ISA's - you could put it in a fixed rate ISA for a year depending on the conditions - have responded to your query re:bank accounts on your other post
PS I think it is £3600 next year also as it has just gone up this tax year from £3000 after many years at that level