Guides

Making the most of your savings
The basics!

Use your cash-ISA allowance of £3,000 (£3,600 for the tax year 2008-09) to earn tax-free, risk-free interest

Regularly check the interest rates paid on your savings accounts and switch if they are no longer competitive

Build up an emergency fund equal to a minimum of three months’ salary in a savings account that provides instant access

Consider using an offset mortgage which provides a tax-free return equivalent to your mortgage rate on your savings

Stop your children paying unnecessary tax on their savings by filling in an R85 form. Some banks will accept verbal registration rather than a signature

Savers who put away up to £250 a month should consider switching to a regular savings account that offers higher returns

Consider using products such as index-linked savings certificates

If appropriate, switch your savings into your spouse’s name if your spouse is not making use of his or her tax-free allowance

If you require any further information about the services that we provide or would like to review your financial planning position, please email or contact us.

Levels and bases of, and reliefs from, taxation are subject to change.

This article is for your general information and use only and is not intended to address your particular requirements. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. Any references made to the Pre-Budget Report may be subject to the Finance Bill becoming law.

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