With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.

Julie Carter

New Tax Year, New ISA – How to Make the Most of Yours

June 5, 2016

The new tax year brings a whole host of changes, many of which may be particularly beneficial to your financial health. One staple remains the same however – the power of the cash ISA. Yes it’s back, and for 2016/17 your allowance is still £15,240, which means plenty of tax-free saving can be undertaken during the year ahead.

As the new tax year gets underway, more and more people will be looking for ways to make the most of this popular product. Our reputation as a leading investment advice service catering to individuals and business owners throughout Derbyshire means we stay up-to-date with the latest guidance and legislation so you don’t have to. Here we explore how you can improve your cash ISA saving and ultimately reap all the rewards that it brings.

Start saving as early as possible

To truly make the most of any cash ISA product you should aim to use the majority of your allowance early in the tax year. If you are lucky enough to be able to deposit the full £15,240 in April, you could earn as much as £381 in interest over the 12 month period.

Make regular contributions

If you are instead saving on a monthly basis as many cash ISA savers do, setting up a standing order is a great way to put aside funds from your wages. Any contribution you can make will ensure you can save tax free and earn interest for your efforts so start saving today.

Choose the right ISA product

There are a number of cash ISA products to choose from but selecting one that is right for you is important. Whether you need an ISA with a low starting balance or want to opt for an online ISA with a great interest rate, seeking investment advice from a qualified professional like us can help you discover the perfect ISA product.

*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*