Regular Savings
Bank and Building Society Accounts
Banks and Building Societies are increasingly overlapping in terms of the services offered, and similar types of account are available from each. Various types of account are available from instant access savings accounts to fixed interest bonds.
Click here to request more information about Bank and Building Society Accounts.
National Savings Products
National Savings and Investments offer a range of products designed to meet different needs, but all essentially based on security. The investments are loans to the government and are therefore as secure as an investment can be.
Click here to request more information about National Savings Products.
THE FINANCIAL SERVICES AUTHORITY DOES NOT REGULATE BANK AND BUILDING SOCIETY ACCOUNTS.
Unit Trusts
In buying a unit trust you are purchasing a beneficial interest in a fund made up of shares, government securities or other investments, which are managed by professional fund managers. They are ideal for an investor who accepts a degree of risk and seeks a potentially relatively high return but wants the investment professionally managed at a reasonable cost.
Click here to request more information about Unit Trusts.
Individual Savings Accounts (ISA's)
From 6th April 2008 you will be able to subscribe to two separate ISAs each tax year – a Cash ISA and/or a Stocks and Shares ISA. The terms maxi and mini will no longer exist.
This change will also affect previous tax year ISAs. If you hold an ISA already, it will have a new classification as follows:
| Existing ISA Type |
New classification from 6th April 2008 |
Mini Cash ISA |
Cash ISA |
Maxi Cash Component |
Cash ISA |
Mini Stocks and Shares ISA |
Stocks and Shares ISA |
Maxi Stocks and Shares ISA |
Stocks and Shares ISA |
Personal Equity Plan (PEP) |
Stocks and Shares ISA |
The overall annual ISA subscription limit will increase from £7,000 to £7,200. All of your annual subscription can be invested into a Stocks and Shares (equity) ISA. Alternatively, up to £3,600 of the overall subscription limit can be invested in a Cash ISA with one ISA manager. The remainder of the £7,200 subscription can be invested in a Stocks and Shares ISA with either the same or different ISA Manager.
A feature of the new subscription limits is that they are divisible by twelve to assist monthly investors.
Note: It will not be possible for an individual to subscribe to two ISAs of the same type in the same tax year, for example two cash ISAs.
Click here to request more information about Individual Savings Accounts (ISA's).
|
