With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.
The NISA, or Individual Savings Account as it is known industry-wide, has evolved significantly in recent years. With more products on the market than ever seeking investment advice from a Buxton-based expert like ourselves can mean the difference between making your savings go further and missing out on a healthy return.
New Year, new ISA?
Chancellor George Osborne’s 2015 Budget made way for more changes to the humble ISA, and from autumn of last year the allowance increased from £15,000 to £15,240. How savers could access ISA cash also improved and with no penalties for making withdrawals a new flexibility could be harnessed across multiple products.
Choosing an ISA product
As we mentioned previously it seems that every bank and building society has an ISA product available, but choosing the right product for your circumstances can be difficult without professional investment advice.
Understanding the difference between the types of ISAs accessible is the first and most important step in your search. Stocks and shares ISAs are excellent investments for long term savers, however, utilising multiple products, including cash ISAs and pensions (workplace and personal provisions), is a valuable way to boost your ‘rainy day fund’ as well as plan for the future.
In addition to this, planning ahead, particularly in regards to what you’d like the investment to achieve and over what period of time, can limit risk, whether you are saving for long term goals such as retirement income or putting funds aside for short term expenses like school fees. Highlighting the purpose of your ISA will help you identify the most applicable ISA product for you.
Seeking professional help
Enlisting the help of a professional financial adviser is highly recommended. ISAs are changing with every tax year but by having access to the most up to date information available you can make the right decisions about your financial future.
For a free 90 minute consultation, please contact Slater Financial today on 01298 212444.
*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*