Life insurance is something you might come across if you are looking into tax-efficient savings and investment options. Some life insurance is designed to be an investment – a place to store and grow your money rather than just pay out when you die. The life insurance companies invest your money ...

If you own shares in a company, there are two ways you can earn money. The shares can grow in value, allowing you to make a gain when you sell them. Companies also distribute the profits they make in the form of a dividend. This is known as dividend income.

A credit union is a financial co-operative. They were traditionally owned and run by members who have a common interest, such as where they live or work; but these days, some have broader membership rules.

Individual savings accounts (also known as ISAs) are a form of savings that have tax advantages. Income tax and capital gains tax can be saved if you invest in ISAs, but they are still counted in your estate for inheritance tax purposes. 

The personal savings allowance is a nil-rate band of tax which applies to taxable savings income. It is £1,000 for most basic-rate taxpayers. The savings income that falls within the personal savings allowance is taxed at 0%.

The starting rate for savings is a 0% rate of tax which can apply for up to £5,000 of savings income. It only applies if your non-savings and non-dividend income is below a certain threshold.