Financial matters tend to require our attention and time more than we would like, but at least we know that there is help available to us if we know where to look for it. For most people these days, the first port of call will be the internet and here you can find the whys and wherefores of almost everything related to finance, including ISA rates and which ISA best suits your needs.
The top ISA rate may be available from a company but you also need to look into the company and its past performances. The first ISA best rate offered may not necessarily suit you and you should look around at a few companies in order to find the best cash ISA rates. You can speak to a financial advisor or visit a bank as well as researching online; it just depends on how you feel most comfortable dealing with money matters.
Each year in April, savers are given a fresh Isa allowance that qualifies for tax-free interest. For 2012-13, the limit has been set at 5,640 for cash ISAs. You can deposit anything up to this amount into a cash ISA from 6 April. However, the rules state that you can only contribute to one Isa per tax year, so choosing wisely is important. You can also transfer an old Isa for better returns. Some accounts also allow you to transfer in money invested in the previous tax year so you can maximise returns on all your tax-free savings.
When picking an ISA, the first thing to decide is whether you want to fix your interest rate or opt for more flexibility with a variable rate. If you want to secure the interest rate you earn on your savings, and are happy to lock your money away for a set period of time, then a fixed-rate ISA might be for you. However, if you want to make additional deposits beyond the upfront opening deposit, or make withdrawals, then a variable-rate ISA is probably more suitable. Just be aware that the interest you earn could decrease in line with the Bank of England's base rate (currently just 0.5%).
The amount of cash you can stash away tax-free is to increase by 120 a year from next April following an announcement in the chancellor's autumn statement, but the news comes just as banks have begun cutting interest rates for existing cash Isa customers. Banks know thousands of pounds are up for grabs as savers hunt out a new deal for the fresh cash Isa allowance each April, and so they try to lure us in with tempting rates.
This is why it makes sense to hunt around for the best cash ISA rates which are available on the market before you take any action. The easiest way is online and here it is possible to not only find out which are the best options for you, but also to compare the rates and offers that different banks are doing.
The top ISA rate may be available from a company but you also need to look into the company and its past performances. The first ISA best rate offered may not necessarily suit you and you should look around at a few companies in order to find the best cash ISA rates. You can speak to a financial advisor or visit a bank as well as researching online; it just depends on how you feel most comfortable dealing with money matters.
Each year in April, savers are given a fresh Isa allowance that qualifies for tax-free interest. For 2012-13, the limit has been set at 5,640 for cash ISAs. You can deposit anything up to this amount into a cash ISA from 6 April. However, the rules state that you can only contribute to one Isa per tax year, so choosing wisely is important. You can also transfer an old Isa for better returns. Some accounts also allow you to transfer in money invested in the previous tax year so you can maximise returns on all your tax-free savings.
When picking an ISA, the first thing to decide is whether you want to fix your interest rate or opt for more flexibility with a variable rate. If you want to secure the interest rate you earn on your savings, and are happy to lock your money away for a set period of time, then a fixed-rate ISA might be for you. However, if you want to make additional deposits beyond the upfront opening deposit, or make withdrawals, then a variable-rate ISA is probably more suitable. Just be aware that the interest you earn could decrease in line with the Bank of England's base rate (currently just 0.5%).
The amount of cash you can stash away tax-free is to increase by 120 a year from next April following an announcement in the chancellor's autumn statement, but the news comes just as banks have begun cutting interest rates for existing cash Isa customers. Banks know thousands of pounds are up for grabs as savers hunt out a new deal for the fresh cash Isa allowance each April, and so they try to lure us in with tempting rates.
This is why it makes sense to hunt around for the best cash ISA rates which are available on the market before you take any action. The easiest way is online and here it is possible to not only find out which are the best options for you, but also to compare the rates and offers that different banks are doing.
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