Hoping to find out as much as possible about ISAs? The following guide brought to you by moneysupermarket.com aims to highlight some of the most important points.

Generally ISA accounts protect you from paying any tax on your savings– it’s a way for the government to encourage more people to save money securely.

Most people are confused as to how much they can save in their ISA account. Currently most adults save up to £7,200 in ISAs annually. The whole amount can be invested in a stocks and shares ISA or you could split it and put up to £3,600 in a cash ISA. In October 2009 anybody aged 50 or over was allowed a higher annual limit of £10,200, of which up to half can be saved as cash. In order to take advantage of this, you will need to be 50 on or before April 5 this year, to benefit in the current year. On April the 6th however, the limit will be increased to the same amount for everybody, regardless of age.

Just like ordinary savings accounts, there are different types of cash ISAs available- easy access, fixed rate and regular savings- meaning there is bound to be one that is suitable for your needs.

One point to consider when using an ISA account is that when you empty the sum from the account you will no longer benefit from the build up of interest. Those willing to save their money for a fixed period or who can accept other restrictions on their savings could benefit from a notice account or a fixed-rate bond.

If you have another ‘emergency’ savings account elsewhere and are only using your ISA to save for the long term then a fixed rate bond account could work best for you, although these accounts can tend to want lump sums paid in rather than smaller amounts deposited of money frequently. Clare Francis from moneysupermarket says, ‘Whether you opt for a stocks and shares, cash ISA or both will depend on largely on your investment objectives and time horizon.’

If you already have an ISA but have found an account which suits you better and wish to move to another provider, always make sure your account provider arranges the move for you. This will insure that you don’t lose any of the interest or seemingly exceed the ISA savings limit for the year.

ISAs differ from standard savings accounts in that interest is tax free meaning that those on the basic rate tax band will see a 20% return on their savings. People in the higher tax bracket could possibly benefit more- by around 40% interest.