Organic Performance - ISAs Explained - Hub

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Welcome to our 2014 Great Big ISA Event!

With savings rates so low, anything you can do to get the best returns on your cash is especially important. That’s why ISAs – or Individual Savings Accounts – should be your first port of call as the interest you earn in these accounts will be paid tax-free. And, especially for higher-rate taxpayers, this perk can make a real difference to your savings balance.

Of course, there will be a limit on the amount you can stash away without the taxman getting his hands on it. For this tax year, which ends on April 5, you will be able to save a maximum of £11,520 into an ISA. You can choose to hold all of it in a stocks and shares ISA or up to half (£5,760) in a cash ISA and the remaining balance in stocks and shares. 

From next tax year, which starts on April 6, 2014, this limit will go up to £11,880 and £5,940 respectively – until July 1 when you will be able to top up to the brand new limit of £15,000 which the Chancellor announced in his 2014 Budget. The distinction between cash and stocks and shares ISAs will also be scrapped from this date, so you can hold the whole £15,000 in cash if you want to. You still won’t be able to carry this year’s allowance over to next year though, so now is the time to act!

 

Here at our ISA hub, you’ll find everything you need to know about both cash and stocks and shares ISA deals – from how the accounts work, to any new deals coming onto the market; from how to transfer your existing ISA balances to how (and how much) you can save tax-efficiently into a Junior ISA for your kids. 

But, remember, if you don't use your full ISA allowance before April 5, you'll lose it. So act now to stash as much as you can away in this tax-free shelter that has your name on it!

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