It’s that time of year again when savers are repeatedly asked the same old questions: do you have an ISA, did you invest your 2016/17 ISA allowance, have you decided where to put the new allowance?
In previous years the answers were pretty straightforward, but things aren’t so simple these days. It’s rather like a countdown conundrum where all the options are there but you have limited time to digest and decide which one is the most appropriate. So how best to solve this puzzle? Let’s look at the facts and examine some of the best deals on offer.
How much can I invest and what options are there?
The 2017/18 tax year brings a bulkier tax-free ISA allowance of £20,000. This is fantastic news for savers, but with the average rate on Cash ISAs falling from 1.28 per cent to 0.88 per cent in the last 12 months, it’s clear to see why savers should think extra hard about how to best maximise their return, particularly over the longer-term.
Savers have the choice of normal Cash ISAs, supportive Help to Buy ISAs, brand new Lifetime ISAs and Stocks & Shares ISAs, to name a few, all of which have their perks and limitations.
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