Sidestep the traps for the best savings deal
Article Abstract:
United Kingdom savings accounts can present pitfalls, such as banks making accounts obsolete and introducing new accounts with better rates, while not informing savers using the obsolete accounts. Accounts may also be rationalized which could lead to a drop in interest rates for savers. Instant access accounts may involve withdrawal penalties, even if notice is given, or penalties may be imposed for certain types of withdrawal such as counter withdrawals. Postal and telephone accounts tend to offer best instant access deals, while tax exempt special savings accounts (Tessas) offer good deals for long term savers.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
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Pre-Isa accounts that jump the gun
Article Abstract:
United Kingdom consumers are being offered early versions of individual savings accounts (Isas) which are a new savings scheme with tax advantages to be launched in April 1999. Investors do not gain advantages by joining an Isa early since tax advantages do not start until April 1999. Other savings accounts can offer better interest rates and greater flexibility. Providers are seeking to increase their stake in the market, but investors should generally avoid pre-Isa accounts.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1998
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