A NISA is a New Individual Savings Account. As the name suggests, these are accounts that can be accessed by individuals (you cannot have a NISA in joint names). ISAs were introduced in April 1999 as a replacement to Personal Equity Plans (PEPs) and Tax-Exempt Special Savings Accounts (TESSAs).

The political thinking was that ISAs could bring together these two different tax efficient products into one type of account and would help to encourage and widen their usage.

Click on the image to your right, to download our full guide to NISAs.