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Deposit Based Investment
Commercial Banks & Building Societies
Commercial Banks and Building Societies offer a variety of savings accounts. Interest often varies in line with the general level of interest rates, though accounts which pay fixed interest over a specified period may also be available. Accounts with fixed interest may restrict access to the money on deposit, typically requiring notice before withdrawl, and charging penalties for early withdrawals.
With the introduction of the Personal Savings Allowance in April 2017, interest is now paid gross (before deductions for tax).
National Savings & Investments
National Savings & investments are Government backed. You can visit the NS&I website here http://www.nsandi.com/
You can have one cash ISA up to the limit of £20,000 each tax year with one provider.
Any ISAs opened between 6 April and 30 June 2014 will automatically become a NISA, with a higher limit. From 1 July 2014, you are able to add further money up to the new £20,000 limit.
From Autumn 2015 individuals may be able to withdraw money from some (flexible) cash ISAs and replace it in the same year without it counting towards their annual ISA subscription limit for that year. Please check with your provider.
The cash ISA can consist of money on deposit enjoying a tax-free environment. The minimum age to own a cash only ISA is 16.
Cash Junior ISAs are now also available. Your child can have a Junior ISA if they:
- are under 18
- live in the UK
From 6 April 2015 it became possible for parents to transfer their children’s Child Trust Fund (CTF) account into a Junior ISA (JISA). At age 18 a JISA will now automatically turn into an adult ISA.
This article ((Deposit Based Investment) is intended to provide a general appreciation of the topic and it is not advice. For more information please contact Moscrops Financial Planning on 0161 761 2534 or email firstname.lastname@example.org and we will be happy to assist you.
Article expiry: 05 Apr 2018
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