Nicer ISAs?

Savings . . . not something this lady has much any of.  I wish I did. I wish I had a nice steady direct debit set up each month into a savings account – saving for a rainy day, a holiday, a broken washing machine.  I don’t.  We live hand to mouth much of the time, we get by each month but there’s definitely no saving going on.  At some point this is definitely something we’re going to have to address – we have three children to potential get through university and whilst I’m working on a supply basis I’m not paying into my teacher pension.  

Photo Credit: kenteegardin via Compfight cc 

Interest rates in savings accounts aren’t what they used to be so its important to shop around and do your research when it comes to making the most of your savings.

Did you know that ISA rules have changed recently?  You can now put a maximum of £15,000 into a new ISA (NISA) – it all sounds really complicated but you can trust Martin Lewis to make it plain and simple with this awesome cake analogy.  Basically he says if you’ve got savings you need a NISA. 

Scottish Friendly (you can follow them on Twitter) are encouraging savers to consider the benefits of investment ISA as they can provide better returns compared to interest rates on cash ISAs (many of which have recently been lowered in the run up to the changes in the system being implemented ).  It would seem that people are sticking to cash ISAs rather than investment ISAs is it feels safer and they know where they are at with it – and who can blame them?  Nobody wants to take a risk with their money these days and especially their savings.  It definitely pays (pardon the pun) to spend some time investigating the alternatives in this instance!

If, like me, you’re really not sure of all the different options and potential benefits you should contact a reputable financial adviser to talk you through it! 

What are you saving for at the moment?

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2 Comments

  1. Pam Francis Gregory
    July 31, 2014 / 5:48 pm

    Saving for an extension at the moment

  2. July 31, 2014 / 5:57 pm

    I totally believe in cash ISAs for getting the best return back for your savings and think it's great that they have upped it to £15,000.

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