If you're planning to save money, the first port of call has traditionally been a tax-free cash ISA. However, the new Personal Savings Allowance (PSA) means basic rate taxpayers can now earn up to £1,000 a year in interest before they have to pay tax. This jumps to £500 for those on a higher rate band. For most people, this means they're no longer limited to just ISAs for their savings, giving them the freedom to follow the best rates instead. For example, if your current account provider has a savings account with a high rate, you might find it more convenient to pop your cash in there for a year. 5 best easy access accounts right now The best easy access savings accounts are the ones that can offer a high rate of interest as well as unrestricted access. It can also pay to look outside of your comfort zone as it's often the smaller, lesser known banks that pay the best rates. "Despite a positive change in the savings market over the past six months, the biggest high street … [Read more...] about Best easy access savings accounts to grow your money without locking it up
Isa best rates
Savers are stuck with miserable rates right now, but you might be able to find a better deal by agreeing to hand over your cash for longer. The first thing you'll have to decide is whether to go for a cash ISA or a different type of savings account. But with most workers now able to earn up to £1,000 in interest a year tax-free, thanks to new personal allowance rules, we're no longer limited to just ISAs for our savings. Instead, you can leave your money wherever is paying the most interest, without having to pay tax (providing you've not got hundreds of thousands to stash). If you’re looking to invest a lump sum, a fixed rate bond could be perfect. It pays a guaranteed amount of interest for a set length of time, but only if you lock away your money for the whole term. Best fixed rate bonds 2018 We've outlined the top payers for each time frame below, for many more options, have a scroll below. Alternatively, head to MoneySupermarket for more best buys. SIX MONTHS: … [Read more...] about Best fixed rate bonds to get you saving in the New Year
If you've got money to save, whether it's just a few hundred pounds or thousands you've accumulated over the years, one place you may want to store it in is a cash ISA. These are tax-free savings accounts that let you earn as you save, to the tune of £20,000 for the current tax year (2018-19). All banks and building societies offer them, and in most cases, they're ideal for short-term savings. This is because you can dip in and out at any point, providing you go for the instant access option. They're also largely risk free, unlike stocks and shares ISAs. This means that while you may not earn much in interest, there's no chance of your money actually doing down in value, as can happen with investment plans. Best cash ISA rates 2019 We've teamed up with comparison website MoneySupermarket to round up the best ISA accounts right now. If you want to pay in as you earn, make sure you set up a direct debit on payday to ensure you don't dip into it. Easy access ISAs Leeds Building … [Read more...] about Best ISA accounts for your money in 2019
It's safe to say that 2018 was a slightly brighter year for savers. You might only need to offer 1.5 per cent to top the savings tables, but rates nudged higher thanks largely to enhanced competition and a base rate rise. In our round-up of expert predictions at the beginning of the year, we said there were grounds for optimism – and that has borne fruit. We've seen Marcus launch with a best buy easy-access rate which shook up the market and challengers upping their battle when it comes to fixed-rate accounts. Meanwhile, the Bank of England base rate inched higher to 0.75 per cent after nearly a decade of being 0.5 per cent or lower. Higher rates? Could 2019 see savings rates increase - we reveal all However, consumer prices Index inflation now sits at 2.3 per cent, making it still tricky for savers to obtain a return that surpasses this – although it can be done with fixed-rate accounts. In the Budget, we found out that Isa limits will not rise with inflation … [Read more...] about Will savings rates continue to nudge higher in 2019?
If you're putting money away with the hope you will buy a home, things can be a bit depressing. On the cost of living is rising at 2.2% a year when you include housing costs - far more than you can get on most savings accounts. What that means is unless you get the very best rates, each year the money you manage to put aside can buy you a little bit less than it could the year before. And that's before we talk about house price rises. But what if there was a way to see every pound you save rise 25% immediately - and then have rates added on top? Well, as money saving expert Martin Lewis explains - you can do exactly that. But only if you're saving for a home or retirement. You just need to use the right sort of ISA. Where you need to put your cash The two accounts you're looking for are the lifetime ISA and the help-to-buy ISA. Both of these add 25% on top of whatever you save, provided you use it to buy your first home, while the lifetime ISA (LISA) also lets you save for retirement. … [Read more...] about Martin Lewis explains how to use an ISA to boost your savings an incredible 25%