Make the Most of Your Money with a Cash ISA
The 21st century consumer could be forgiven for placing more focus on spending than saving. Wherever you look and wherever you go, you are encouraged to spend. Whether it’s a High Street spring sale, a ‘buy one, get one free’ deal or an ‘internet only discount’, consumers are constantly coerced and encouraged to part with their hard earned money.
And of course, the internet has aided this greatly. No longer are people tempted during normal shop opening hours only; it is now possible to shop for just about anything, 24 hours a day, 365 days a year.
But as hard as it may seem, it’s important not to lose sight of the importance of saving. Furthermore, it’s a lot easier than some people may think to put away just a little bit of money every now and again. In fact, from putting away a small amount of money each month this can amass to a substantial amount over the course of a year or two.
In the era of internet banking, it’s much easier for people to take their banking matters into their own hands. Not only is it possible to set up and manage a standard current account online, but it’s just as easy to do so for a savings account too.
A good way to make saving a pain-free experience is to set up a monthly standing order between an online current account and an online ISA (Individual Savings Account). If the payment is timed to take place on the same day as when your weekly or monthly salary goes into the current account, then you will most likely not even notice the transaction taking place. You can simply check your ISA account every now and again to verify its accumulative value.
ISAs generally offer high rates of interest, and any interest that is paid out isn’t subject to the usual tax regulations. Of course, the standard Cash ISA does have a yearly deposit limit of £3,600, but it’s still a very worthwhile route to go down given its inherent benefits over standard savings and current accounts.
Then, there is the Fixed Rate Cash ISA which not only offers higher rates of tax-free interest than standard bank accounts, but it can also give a guaranteed rate of interest for up to 12 months. Therefore, negative fluctuations elsewhere in the economy won’t have an effect on the end of year interest earnings.
But of course, as with anything, it certainly pays to shop around to find the best Cash ISA deal. However, there can be little doubt that it’s certainly wise to curtail spending just a little bit, so as to ensure a little money is put away each month.
Paul McIndoe writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content. Article Source:http://www.articlesbase.com/personal-finance-articles/make-the-most-of-your-money-with-a-cash-isa-836109.html
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