In an unsure economic climate,
financial planning is more necessary than ever and for anyone. With a family,
saving in the long run has become a high priority. Giving yourselves and your
family a strong financial base ensures they have the quality potential to start
in life, whether they want to pay for driving lessons, begin on a course of
higher education or choose another path.
For this ISA is the best choice
as they give a good return on your money and is tax free. But there comes a
need to understand the different aspects of ISA if you are planning to invest the
most of your money in it. There is a limit to the amount you can deposit into
your ISA in a single tax year. It will affect your choice which one to opt to.
In 2016/17 tax year you can
invest up to £15,240 into the ISA products. You can entirely invest whether in
cash ISA, stock and share ISA. You can also invest £5,000 in cash ISA, £5,000
in a stock & shares ISA, £5,240 in an innovative finance ISA.
Who is eligible?
- It must be UK residence for tax purposes
- Age 16 or over
ISA can only be held in a single name and you can only open
one Cash ISA per year. You can withdraw the money from cash ISA and transfer
whenever you want, but there is a special process to follow. Cash ISA might
best suit you if you are merely searching for a low-risk savings choice with
easy accessibility to your money.
For more information on Cash ISAs and other types of savings
accounts, speak to a savings adviser who could help you make informed decisions
to suit your financial needs. You may find it beneficial to talk to the experts
at Barrington Howe Ltd. Contact Us!
