Utilise your annual allowance
Individual Savings Accounts or ISA's are one of the most efficient savings vehicles. Each year the government reviews the annual allowance individuals are entitled to contribute to their personal ISA, currently this is up to £20,000 per individual.
Once within the ISA wrap, any funds that you withdraw from the account are tax except, and that's regardless of your tax bracket! You can have as many Individual Savings Account's as you want, as long as you do not exceed your total personal allowance when making contributions in a given year (you can only open one new investment ISA each year). Many people hold Individual Savings Accounts with their bank or building society. While a cash ISA can provide a steady level of growth, interest rates are currently at an all time low which in turn provides cash accounts with very little growth. Our stocks and shares ISA's are carefully invested in a diverse selection of funds, and more than often provide a higher level of growth year on year than a Cash ISA. Regular fund performance reviews mean we are always monitoring the performance of the funds you are invested, and your portfolio is tailored in-line with your personal level of risk.
Can I make withdrawals?
Yes, your Stocks and Shares ISA is fully accessible. Most providers let you go directly to them, but we are also happy to process withdrawal for you (we nevercharge clients for making withdrawals!). If you have other investments account like a General Investment Account we would recommend taking your income from there first.
How long do withdrawals take?
Unlike a Cash account, the funds within your investment have to be sold down before they can be paid out as cash. This means the process is rarely complete overnight. However, the providers we work with are usually able to pay withdrawals out within 4-10 working days. Whenever you request a withdrawal we will make you aware of all timescales.
How much can I pay into my ISA?
In a single year (2017/18) you can pay in a maximum of £20,000. You can transfer in any existing pensions you have to consolidate funds and charges.