13:06 09 March 2013
Are you seriously considering fixed rate ISAs? Then, there are some important things that you need to know. Some of them are the following:
Fixed rate ISAs, as the term implies, pay savers a specific amount of interest over a specified term.
In the 2012 to 2103 tax year, individual savers are allowed to deposit up to £5,640. The good thing about this is that compared to fixed rate bonds, the interest that you earn from your ISAs are tax-free as long as you don’t exceed the allowance.
Fixed rate ISAs are great options especially now that the economy isn’t getting better. With this option, savers are assured of earning fixed amount and won’t have to worry about unpleasant surprises along the way.
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