Now we are in a new tax year you can now put up to £15,240 into a cash ISA for tax free savings income.
What typically happens is a mad panic at the end of the tax year to put funds in to use up the allowance but this tends to result in one being opened with whoever you bank with personally and these are often at the poorest rates of interest sometimes as low as 0.5% or 0.75%.
Shopping around you can achieve higher rates. This may come at the cost of tying up the funds for a number of years but not always. £15,000 at 0.75% would give you a gross interest of £112.50 whilst at 2.5% that increases to £375.00.
You can of course open different types of ISAs but for cash ISAs you might want to do some simple research to get a better deal. http://www.moneysavingexpert.com/savings/best-cash-isa would be a good place to start.
Cash ISA Allowance
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Now we are in a new tax year you can now put up to £15,240 into a cash ISA for tax free savings income.
What typically happens is a mad panic at the end of the tax year to put funds in to use up the allowance but this tends to result in one being opened with whoever you bank with personally and these are often at the poorest rates of interest sometimes as low as 0.5% or 0.75%.
Shopping around you can achieve higher rates. This may come at the cost of tying up the funds for a number of years but not always. £15,000 at 0.75% would give you a gross interest of £112.50 whilst at 2.5% that increases to £375.00.
You can of course open different types of ISAs but for cash ISAs you might want to do some simple research to get a better deal. http://www.moneysavingexpert.com/savings/best-cash-isa would be a good place to start.
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