MAXIMISE YOUR SAVINGS WITH AN ISA
As the next tax year starts, now’s the perfect time to celebrate your new £20,000 cash ISA allowance. Cash ISAs remain popular as savings accounts where you earn interest without tax deductions. This means you keep more of your money, helping your savings grow faster.
This blog explains everything about ISAs and your £20,000 allowance. Don’t miss out on saving more and paying less tax!
How to make the most of your ISA allowance
If you want to save efficiently, you should use up your annual ISA allowance of £20,000 before the 5 April tax deadline each year. On the 6 April, the allowance restarts, giving you another opportunity to invest a further £20,000. Of course, you don’t need to invest the full amount!
We understand that everyone’s savings goals are different, which is why we offer a range of ISAs to suit various needs. Whether you’re saving for something in the near future or for a longer-term goal, choosing the right ISA can help you boost your savings. If you need access to your money, an easy access ISA might be the best option. On the other hand, if you plan to lock away your savings for a longer period, our notice ISA could offer higher interest rates.
Why are ISAs ‘tax efficient’?
If you earn over £1,000 in interest on your savings in a tax year, you might face an unexpected tax bill by exceeding your Personal Savings Allowance (PSA). For higher rate taxpayers, this allowance drops to £500. Knowing these limits can help you plan your savings more effectively and avoid any surprises when it comes to paying tax on your savings. Any interest earned on balances held in an ISA doesn’t count towards your Personal Savings Allowance, making ISAs a valuable tool in your savings plan.
Explore your ISA options
Tax-efficient saving doesn’t have to be complicated. One of the advantages of placing your savings in a cash ISA is that you keep all of the interest you make without paying tax on it. This means more of your money stays in your pocket, helping your savings grow faster.
Don’t miss out on the opportunity to save more and pay less tax – explore our range of ISAs today and take full advantage of your £20,000 allowance.
Any questions? Our colleagues are on hand to help with any questions, in branch or by calling 01858 412412.
