In UK deposit terminology, the term ISA Account refers to a bank deposit account set up as an Individual Savings Account or ISA. This type of account can have either cash or stocks, and the income on such accounts is not taxable up to a certain limit.
For example, a variety of cash ISA Account types are available to investors. Depending on the financial institution involved in holding the ISA, these account types might include: instant access ISA accounts, fixed rate ISA accounts and guaranteed base rate ISA Accounts. Also, savings or investments placed into an ISA generally need to be deposited by the 5th of April, which is the last day of the U.K. tax year. Funds placed into an ISA account and then withdrawn generally cannot be returned to the account within that tax year. In addition, ISA Account providers can be readily switched, usually just by filling out a transfer form with the financial institution you wish to transfer the account to.