Saving your money
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Saving your money
5. If you are a saver, how much money do you have and where is it? If you have money sitting on deposit in the bank that you don’t use every month, whether in savings or in a current account, it may well not be working as effectively for you as it could. If you have not used your full mini-cash ISA allowance of £3k this year, then this should be your first port of call, (unless of course you are currently investing in a maxi-ISA).
An ISA, (or Individual Savings Account), allows you to save up to £3000 per year, and interest is paid gross, usually at a higher rate than most deposit accounts. In some cases, this type of account also has the added attraction of allowing instant access to funds if required. Thus, if you have no ISA at the moment, then this may be an option for you, and if you do have one, ensure that you have used your full subscription this year.
Remember also, that the subscription runs from April to April, meaning that if you have already used up this years’, you may wish to be preparing funds to top up your ISA at the beginning of the next tax year. (April 2004). For couples with savings but no ISA, ensure that you each open an ISA as you are both entitled to do so, and fill it to the maximum if possible, as this allows couples to save more.
For those with substantial sums in low interest savings accounts, you may find that any funds not required in the foreseeable future may be better placed in notice accounts, which may offer limited access, but higher returns. Equally, for those who have no plans at all for their funds, an interview with a financial planning advisor may be of benefit, in order to discuss any potential investment needs.
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