14:05 09 March 2013
Cash ISAs are a savings account where interest or capital gains are not subjected to tax. For the 2012 to 2013 tax year, the cash ISA allowance is set at £5,640. This means that you can put up to £5,640 in your cash ISA account and you will not be taxed on your earnings.
Most cash ISAs move at a variable rate. For savers who do not want to take the risk of not getting the best return of their investment, fixed rate cash ISAs are for you.
As the term implies, fixed rate cash ISAs offer you with fixed interest every year. Experts agree that during uncertain economic times, this can be one of your best options.
There are so many things to consider when putting your money in cash ISAs. That is why it’s crucial that you understand all your options. Know the things that you can do to maximize your earnings so you can build your retirement fund as soon as possible.
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