Did you know?
£1bn will be handed out by banks and building societies today in the form of mortgages
Source: Credit Action January 2008 (www.creditaction.org.uk)
Savings Account News
Use cash ISA allowance and avoid losing interest
13-Mar-12
13-Mar-12
The April 5th ISA deadline is fast approaching.
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01-Feb-12
Child SIPPs can provide comfort in retirement.
Inflation taking its toll on older consumers
17-Jan-12
17-Jan-12
With inflation still biting, savings are becoming more important.
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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Virgin Climate Change ISAInvests in environmentally aware companies |
0% | Instant Access |
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ING Direct Cash ISACompetitive AER and interest is paid monthly |
3% | Instant Access |
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Barclays Loyalty Reward ISAAvailable for Barclays customers who either have a Barclays current account or over £500 saved with Barclays |
3.05% | Instant |
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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 £10,680 during the 2011/12 tax year, which started on 6th April 2011, of which only £5,340 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 £5,340 cash to be invested.
A stocks and shares ISA also allows you to invest EITHER up to £5,340 in cash and up to £5,340 in stocks and shares OR anything up to the full £10,680 solely in stocks and shares.
Many investors choose simply to take advantage of the cash component of an ISA and take the £5,340 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
Savings Accounts Blogs
- What ISA To Get In The New Tax Year? 26 Apr 2012 | Read More ›
- All good on the home front! 25 Feb 2012
- Customer Service at Premium Rates! 9 Feb 2012
- What does 2012 hold for UK personal finance? 18 Jan 2012
- Are fixed rate savings accounts the best way to save? 26 Sep 2011
- Are interest rates on ISA savings accounts getting worse? 31 Aug 2011
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.