If you’re not prepared for a rainy day, you and your family could suffer financially. It’s always good to have some money in a savings just in case, but it’s even better if you have that money in an ISA. Aside from having the funds you need, with an ISA you’ll be receiving regular tax free interest payments.

Any savings account can help you get prepared for an emergency, but a regular savings account is taxable. You’ll be required to report any interest that you earn from a savings account on your income tax forms. So, while you are earning interest, you don’t get to keep it all.

You get to keep all of the interest you earn on an ISA, which means more of your money stays in your pocket. And, you can earn even more by making sure that you’re getting the best ISA rates available. However, if you want to be able to use your savings when you need it, make sure that you are informed about the withdrawal rules your providers has.