Savings – ISA or not?
As savings rates are low, most people don’t need to worry about any interest taking them over their tax-free personal savings allowance (£1,000 a year for basic rate) taxpayers, £500 for higher-rate).
Therefore a tax-free Isa doesn’t need to be your first choice for a savings product – you can simply choose an account based on which one pays the highest interest rate. Isa rates tend to be lower than their non-Isa equivalent.
Be aware of fake websites
If searching for savings or investment products online, check the firm is on the Financial Services Register (fca.org.uk/register) and that it’s web address and contact details match. Don’t click on links in any unsolicited emails and text messages, and don’t be pressured into making quick decisions during sales phone calls.