Tax-efficient savings can be useful for all manner of reasons and can come in handy at any point in the year. For this reason, an ISA might be a great idea for those looking to save cash for a special event further down the line.
For many people, Christmas represents the time where the whole family comes together to celebrate and have fun and this often means it can be quite a big deal. If this is the case you may want to consider the benefits of setting up a Cash ISA sooner rather than later if you are to get the most from it before the next festive season comes around.
Since the introduction of the Individual Savings Account - or ISA as they have become known - back in 1999, savers up and down the UK have been making use of them to either put cash away for their long-term future or save for something they really want. So if the expense of December 2009 is still fresh in your memory or you're hoping this year's celebrations can go off with an even bigger bang, then why not think about starting to prepare now?
The first thing you will need to think about as you compare ISAs is the different categories the products fall into and which might be better for your needs. If you want your package to play the ups and downs of the market and are happy to let your lump sum sit for a while it may be worth thinking about a stocks and shares ISA. If however, you are looking towards Christmas or some other short-term plan, cash ISAs may be the more prudent selection.
From April 6th 2010, anything up to £10,200 can be added over the course of the tax year in to an ISA. The cash ISA allowance stands at £5,100. However, you can spread your overall £10,200 limit across both cash ISAs and stocks & shares ISAs.
So, if you do decide on a cash ISA, Halifax has a number of products you might want to consider. The first of these is the Fixed Rate ISA Saver, which provides the user with access to a set level of interest and can operate between one and four years. The ISA Saver Direct, on the other hand, is a variable rate facility. If you already hold a similar account and are looking to transfer your ISA in favour of one of these, you may also find the process is quicker and easier than you think.
Halifax offers a complete range of bank accounts and personal investment products. Whatever you're looking for: from savings to personal loans, a mortgage or a credit card, at Halifax we aim to give you a little extra help. We even offer help with your home insurance and travelinsurance too. |
