ISA’s are all the rage because they are probably the best options out there for people who really want to save money. If you are one of those people then you should really take a look at what ISA’s have to offer. The thing about Cash ISA’s is that they are tax free, and they work just like a regular savings account. Here are some tips on how to choose the right ISA for your needs, and how you can get the best deal that you can.
Pay As Much as you can early in the tax year
If you can afford it, invest as much of you cash allowance as you can early in the tax year. You can check the isa allowance 2013, and go from there. An easy way to avoid the tax man and invest up to 10,680 per year is to invest in a stocks and shares ISA. There are some ISA’s that:
- Allows you to invest up to $10,680
- Allows you to invest anywhere from $50 per month all the way up to $500 per month
- This type of ISA is very east to manage because it is accessible online
- It only takes ten minutes to apply for this ISA, so the process in convenient.
Set up a Standing Order to Fund Your ISA
If you are planning to invest funds into your ISA every month verses investing a large sum all at once, it would be to your benefit to set up a standing order with your banking institution to automatically fund your account. You should search for an ISA that has a low starting balance, and the highest interest rate pay out to make sure that you are getting the greatest benefit that you can out of your savings.
Consider a Fixed Rate ISA
If you have some money that you can put aside without having the need to disturb it, you should consider a fixed rate case ISA. These types of ISA accounts often times offer better interest rates, that ISA’s that allow you access to your cash instantly. The lower interest rate is generally offered as a reward for your commitment to investing your money for a set period of time.
Make Sure that You Are Getting the Best Rate
If you already have an ISA, you should check around to make sure that you are getting the best rate that you can possibly get. Make sure you check to see, if your ISA is still earning at the same rate, as that may not necessarily be the case.