Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Top Up Your Cash ISA Early and Maximise Interest Earned

Personal_Finance / ISA's Apr 27, 2009 - 10:53 AM GMT

By: Nationwide

Personal_Finance

Savers could earn an additional £103 million1 by topping up at the start of the tax year Nationwide Building Society estimates that people with an Individual Savings Account (ISA) could be better off by an additional £103 million by using their annual tax-efficient allowance at the beginning of the tax year, rather than at the end. This figure will increase in October, when savers aged 50 and over will be allowed to increase the amount they pay into their ISA.


The new tax year started on the 6 April and also marked the tenth anniversary of ISAs. The current ISA rules2 allow people to save up to £3,600 in a cash ISA, with the balancing amount up to £7,200 in a stocks and shares ISA. The overall ISA annual savings limit is £7,200 per tax year.

To get the most out of an ISA, Nationwide advises savers to not only fully utilise their annual tax-efficient allowance, but also to top-up their ISAs as early into the tax year as possible or to make regular contributions throughout the year.

Nationwide offers a choice of instant access, tracker or fixed rate cash ISAs. The Society’s fixed rate ISA bond range paying up to 3.25% includes terms from six months to four years, giving savers a wide choice to suit a range of needs. In addition, with effect from Monday 27 April 2009, customers wishing to transfer their cash ISA to the Society from another provider will be able to choose from its three year Fixed Rate ISA Bond (currently paying up to 3.25%) or its four year Fixed Rate ISA Bond (currently paying up to 2.75%).

For those interested in stocks and shares ISAs, Nationwide also offers a wide choice of 17 investment funds that are provided through Legal and General, where customers receive advice on the products from Senior Financial Consultants in Nationwide branches.

Setting money aside is particularly important given the current economic climate. Research3 from Nationwide reveals that just 24% of people think they are saving about the right amount and 60% of consumers admit they are saving less than they need to. Making use of an ISA is a good way to get into a savings habit, as they are tax-efficient compared to ordinary savings accounts. In fact, an ISA that has been fully subscribed since 1999 could be worth £39,588.134 by now, saving over £2,0005 in tax.

Lee Raybould, Nationwide’s head of savings , said: “The UK’s savers could receive £103 million more interest from their ISAs if they top up early in the tax year. Our latest research shows that three in five consumers think they are saving less than they need to, so savers should consider topping up their ISAs early to see it grow to its full potential.”

http://www.nationwide.co.uk/

Nationwide Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in