Savings ideas to make you richer in the new tax year
So with the new tax changes now in full effect, there’s no better time to make use of the tax free savings allowance as it’s bigger than ever! CLICK HERE to read the list of top changes that could affect you.
So here are my top five tips for making full use of the new ISA allowance 2015 which can help make you much richer!
Transfer and save
If you already have several ISA accounts then that could be where you’re going wrong. If you transfer all of your savings into one big pot, then you will save your self a lot of interest! Transferring an old ISA won’t take up your ISA allowance either so you can save even more.
Open a help to buy ISA
So as many of you ‘soon to be’ first time buyers will of already heard, it was announced in the recent Budget that a new first-time buyers Help to Buy ISA would be put in place after April 6th. The new scheme will see the government add £50 to every £200 you put into the ISA in a bid to help first time buyers get onto the property ladder. There is a top up of up to £3,000! CLICK HERE to read more about the scheme.
Make sure you get the best rate
Shop around for the best ISA rates. Many of our savings are lying around in instant-access accounts earning an average rate of just 0.38%. Many high street banks will offer cash ISA’s but don’t go for the first you see. If you want your money to keep its value, you want the cash provider to pay you a rate that at least beats inflation.
Remind yourself to save
A surprising number of people don’t actually save much! It may sound obvious, but unless you’ve got debts to deal with then it’s definitely worth while saving regularly and the sooner you start, the more interest you can make!
Open a junior ISA
If you have a child then you may want to look into a junior ISA. It’s definitely worth opening a Junior ISA if you wish to save big money into their future! CLICK HERE to find out more about Junior ISA’s and transferring money from a childs trust fund into a Junior ISA which would be much more worth while!