Whether you’re saving for a new extension or simply for a rainy day, having the backing of a strong savings pot will help – and knowing how to make the most of your ISA allowance can help you save in a tax efficient way.
What is an ISA?
Put simply, an ISA (individual savings account) is a tax efficient savings account, where any money you earn in interest or investment return is not taxable.
There are basically two categories of ISAs – a cash one, where you will earn interest just as you do in a cash savings account, and stocks and shares, in which your money is invested in the stock market.
Cash ISA
If your aim is to save for the short to medium term, a cash ISA makes sense. When considering one, shop around for the best interest rate. If you get a variable/flexible cash ISA, be aware the rate can change, but you can withdraw your money and then replace it without it affecting the tax free allowance.
Fixed rate ISA
هذه القصة مأخوذة من طبعة June 2023 من Style at Home.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة June 2023 من Style at Home.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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Inheriting a typical 1930s layout of rectangular bathroom and a separate loo along the corridor wasn't really suitable for us,' says Helen. 'And with a teenager and a younger child, we knew we had to change things quickly after moving into our house in April 2022.
How to Save More Money -Editor of MoneyWeek.com Kalpana Fitzpatrick shares easy tips and tricks for spending less
Editor of MoneyWeek.com Kalpana Fitzpatrick shares easy tips and tricks for spending less. Recent research shows that around a third of consumers are focused on immediate finances and unable to think about future savings.* If you're struggling to save or just not sure where to start, then these tips and tricks will help.
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