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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Cash ISAs hit the right spots for First Time Savers

Personal_Finance / ISP's Apr 27, 2009 - 11:30 AM GMT

By: MoneySupermarket

Personal_Finance

Saving money might be the last thing on many people's mind, especially given the low interest rate environment. However, deflation could mean now is the perfect time for people to start building up their savings pots, as their cash will be worth more in the future than it is now.


Even if you can only afford to put a small amount away each month, it is well worth getting into the savings habit. Regular savings accounts often offer the best returns on the proviso you don't dip into your funds for a fixed period, but this could help many first time savers stay disciplined. And if might surprise many new savers that ISAs offer some of the best regular saver rates, all tax free.
 
People can start saving with as little as just £1, but the best regular savings accounts and ISAs require a deposit of at least £20 to £25 - hardly a prohibitive cost to most. There will be upper limits in place on some account so check the small print.

Kevin Mountford, head of banking at moneysupermarket.com, said: "Traditionally many people build up their savings in a regular savings account, and wait until the end of the tax year to squirrel away the lump sum in their ISA, but they could be missing a trick. Anyone looking to start saving for the first time should consider putting their cash straight into a regular saver ISA - they work just like a regular savings account so you can stash your cash away in small monthly increments, but the rates on offer can be far more competitive and you don't pay any tax on your returns.

"If you are looking for the best return on a regular monthly deposit, the first direct Regular Saver ISA offers 7.0 per cent APR, tax free. This offers a much more competitive rate than the best regular savings account, the Barclays Monthly Savings Account, offering 6.0 per cent APR - this  works out at 4.8 per cent after tax for basic rate taxpayers and just 3.6 per cent for those in the higher rate tax band.

"New savers looking to make the most of their ISA allowance this year should try to put away anything up £300 a month, although you can save much less if needs be. Once the ISA limits are increased for the under fifties from April 2010, people will then be able to save anything up to £433 a month tax free."

By moneysavingsupermarket.com

The Price Comparison Site

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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