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Make the most of your NEW tax-free ISA allowance

Mon 06 Apr 2020

Coffees in cups

On the 6 April the new tax year begins and with it comes the new £20,000 tax-free allowance, so why not review your finances and start planning ahead. Take a look at our top tips to help you make the most of the new ISA season:

Be quick off the blocks: From the 6 April 2020 the new £20,000 tax-free ISA allowance becomes available, so act quickly and started investing. Even if you only save a small amount, what you invest has the potential to grow tax-free.

Loyalty doesn’t always pay: It’s important that your savings work as hard as possible for you, so think about whether you want to invest your new ISA allowance with your current ISA provider. Although you may be happy with your current ISA provider, remember rates and benefits can change. So do your research and shop around for the best deals that work for you.

Make the most of ISA transfers: If you have existing ISAs check out its performance as you may find it's not as competitive as it once was. This is where ISA transfers come in. 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, as withdrawing rather than transferring means that you will lose the tax-free element of your savings pot.

The Police Mutual Options ISA offers a mix and match of three options to fit in with your own personal circumstances. Our Protected Growth* option offers guaranteed protection at five-year set points with any gains also locked in every five years. What’s more, we offer an easy and hassle-free transfer service.

Please remember the value of tax benefits depends on your individual circumstances and tax rates or legislation which could change in the future.

The value of your investments can go up or down so you may get back less than your initial investment.

*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 Police Mutual Options ISA is a Stocks and Shares ISA.

To find out more about our Options ISA click here

Call 01543 441 630

We're open Monday to Friday 8:30am – 5:30pm

Police Mutual Assurance Society Limited is an incorporated friendly society authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

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Type of article: Articles
Category: Saving my money

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