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Top tips to keep your finances at the top of their game

Mon 30 Apr 2018

The new tax year is here and with it comes a brand new tax-free ISA allowance of £20,000 – which makes now the perfect time to review your finances. So whether you’re an investment guru or you’re looking to dip your toe into the investment world, we have some helpful tips that can keep your finances at the top of their game.

1. Account for all of your money – One thing many of us are guilty of is not keeping track of where our money is. Many of us have a number of different accounts with small (or maybe large) amounts of funds sitting inside. Unless they’re really making your money work hard, this might be a good time to close the multiple accounts and build a bigger lump sum, which could get you a better return on your investment.

2. Transfer your old ISAs – If you have any existing ISAs, take a look at the interest rates. It’s often the case that the rates may have changed and you’re not getting the return you once were. This is especially the case with Fixed Term ISAs where the introductory deal has expired, so it’s always worth doing your research to see if you can transfer them to a better rate. Most ISAs can be transferred to another provider but remember to check if any fees or penalties apply before making the transfer. Never just withdraw the money from your current ISA to re-invest in another ISA account. Withdrawing rather than transferring means that you will lose the tax-free element of your savings pot.

3. Invest early – You may think you have all year to invest money into your ISA (and you do) but if you want the chance to make the most of the tax-free year, it’s best to start early. If you had invested your full ISA allowance at the start of the tax year for the last ten years, you potentially may have been £20,000 better off.*

4. Shop around – It pays to be financially savvy. Shop around for the best rates and look at the different types of ISA accounts. If you are saving for the longer-term you could consider a Stocks & Share ISA. They are likely to offer a higher return than Cash ISAs, but remember they come with a higher risk as they fluctuate in value so you could get back less than you pay in. As a happy medium, you may want to spread your risk by splitting your allowance and putting part in a Cash ISA and part in a Stocks & Shares ISA.

5. Save, save, save! – Now that you’ve decided where you’re going to put your money, you need to take the plunge and start up your investment. The earlier you get started, the quicker you will reach your goal. So what are you waiting for? Get saving!


If you’re looking for a tax-free option to make your money work harder, you might want to consider Police Mutual’s Options ISA. Our Protected Growth fund is one of four options and provides the potential for higher savings returns than the average Cash ISA, as well as a money back guarantee at five-year set points.
Click here to find out more about the Police Mutual Options ISA, or call us 0345 88 22 999.


If you withdraw your money other than on the five-year set guarantee points, you may get back less than you have put in.
The value of tax benefits depends on your individual circumstances and tax rates or legislation which could change in the future.
The Options ISA is a Stocks and Shares ISA.

* www.moneyage.co.uk/Making-ISA-payments-earlier-in-the-year-could-earn-you-20000-more.php


Type of article: Articles
Category: Saving my money

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