Deposit Based Investment
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There are various deposit-based investment vehicles available in the marketplace. Many customers will have money on deposit either with a bank or building society.
Did you know?:
Every basic rate taxpayer in the UK now has a Personal Savings Allowance of £1,000. This means that the first £1,000 of savings interest earned in a year is tax-free. If you are a higher rate taxpayer (40%), then your allowance is £500, and 45% taxpayers have no savings allowance at all.
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 withdrawal, 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).
Cash ISA
You can currently have one cash ISA up to the limit of £20,000 each tax year with one provider.
The cash ISA consists of money on deposit enjoying a tax-free environment. There are various types of accounts with varying degrees of notice and various rates variable and fixed.
National Savings & Investments
National Savings & investments are Government backed. You can visit the NS&I website here http://www.nsandi.com/
We can help you find a suitable plan for your savings/investment goals. Call us on 01483 266666 or complete the contact for fast and friendly advice.
The Financial Conduct Authority does not regulate advice on some deposits or National Savings & Investments products.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested. HM Revenue and Customs practice and the laws relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.