19 March 2010 :
Compare Credit Cards, Pet Insurance and Savings Accounts
Did you know?
The number of credit cards in issue at the end of October was 66,555,000, of which 63.6% were active.
Source: British Bankers' Association (www.bba.org.uk)
Savings Account News
Britons failing to meet savings goals
17-Mar-10
17-Mar-10
Many Brits are not adding to their savings accounts.
Two-fifths of over-50s 'use maximum ISA allowance'
09-Mar-10
09-Mar-10
Over-50s plan to take advantage of new ISA limits.
Winter brings fall in savings account deposits
05-Mar-10
05-Mar-10
Consumers neglected their savings accounts over winter.
How to Guides
- Guide to savings accounts
Read our comprehensive guide to savings account and make your savings accounts work for you.
ISA Savings Accounts
An ISA (Individual Savings Account) is a tax free method of saving. Money earned from a bank, in the form of interest, is seen as income and is liable to be taxed. However, with an ISA, the interest you earn is not taxed. Read more...>
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ING Direct Cash ISACompetitive AER and interest is paid monthly |
2.5% | Instant Access |
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NatWest e-ISAe-ISA gives you up to 2.50% AER (variable) |
2.5% | Instant Access |
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Santander Direct ISAOption to transfer cash ISAs from other providers |
2% | Instant Access |
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Types of ISA Savings Accounts
There are two different types of ISAs; 'cash' and 'stocks and shares'. Because they are tax free there are government restrictions surrounding them. There is a limit to how much you can save; a total of £7,200 per year, of which only £3,600 can be cash, you can only open one ISA each financial year plus, you are only allowed to add funds to one ISA during each finanical year.
With all savings accounts the interest rate is important and just because the ISA is tax free doesn't mean that you shouldn't compare available rates from different providers.
ISAs can appear complex because of the way that they are constructed which again comes down to government requirements.
A cash ISA will allow up to £3,600 cash to be invested.
A stocks and shares ISA also allows you to invest EITHER up to £3,600 in cash and up to £3,600 in stocks and shares OR anything up to the full £7,200 solely in stocks and shares.
Many investors choose simply to take advantage of the cash component of an ISA and take the £3,600 a year tax-free basis for their savings earnings.
Top Tips for ISA Savings Accounts
- There is no catch, the government wants to encourage people to save and that's why they support this tax free option
- With a cash ISA you can have the cash component invested with one provider while the stocks and shares component is invested with another
- Like other forms of saving check to see what the conditions of withdrawal of your money are. Can you access your money without penalty?
- ISAs are given tax exemption by the government but they are available through many providers so shop around for a rate that suits you
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.