Philippa Gee, managing director of Philippa Gee Wealth Management says, “It will typically vary from around 2pc to 5pc depending on your requirements.” Sean McCann, chartered financial planner at NFU Mutual, points out that while savers can benefit from security in absolute terms if they hold money in cash, with interest rates still at historic lows, they are continuing to lose money in real terms. With little incentive to hold hard-earned cash in accounts offering interest rates below inflation, cash Isas can come in handy.
Changes in cash Isa rules have meant that you can swap your cash Isa into stocks and shares (though there is the possibility that you risk getting back less than you put in) and back again, depending on your circumstances, it does make your Isa more flexible. The Isa allowance has regularly been increasing and currently it stands at £15,240 which means that you can shelter more cash than ever from tax, though you do need to keep in mind that these tax rules could change again or be removed in future. As with all financial planning you have to remain flexible and Enable’s IFA’s can help you to review and keep up to date as the value of tax relief which you can benefit from will depend on your individual circumstances as well and as we know these can change too.
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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