Marsden: how to make your ISA work harder

Whether you’re planning for retirement or building a nest egg for your children, it pays to make the right savings decision. There’s so much choice when it comes to savings accounts so it’s important to have a think about what you need, what you’re saving for, how often and when you need access to your money. The savings experts at the Marsden Building Society are there to provide all the facts to help you make the most of your money.With options available for all types of savers, making the most of your ISA (Individual Savings Account) should be top of your list as you get up to £20,000 a year, tax free (don’t forget the general ISA allowance can change each year, for 18/19 tax year it’s £20,000 and the same for 2019/20). Depending on which product you decide is best for you, your money can be invested a little at a time or in one lump sum, up to the maximum annual amount. ISAs are a savings platform open to all; they make sense for everyone. Lancashire’s leading building society, Marsden Building Society has been trusted by customers with savings and mortgage customers since 1860. Head of Retail at the Marsden, Philippa Farebrother Dunn said: “Finding a trusted home for your savings is important. We work hard to pass value back to our members through competitive rates as well as access to a wide product range to meet different needs. “Our teams are experienced and passionate about what they do. Together, we can help make your savings work hard so you can spend more time enjoying them.”The choice, often, is between tying up money for a longer period to secure a more favourable rate, or having your savings more accessible (in case of any emerging needs) but accepting that the rate will be slightly less. Firstly, if you decide on your needs you can then look for a product that would match that accordingly. Thankfully, you’re not boxed in if your circumstances change after you’ve taken out an ISA. If your ISA isn’t performing as well as you’d hoped, then you can transfer your money to a different account, even if it’s still the same tax year (though this is dependent on the product you choose, for example, if you are tied into a fixed rate product, you won’t be able to move your money around as freely, you may incur a penalty to move this round – something worth keeping in mind and checking your individual product terms and conditions).Here’s some top tips on ISAs from the Marsden Building Society team:? Make the most of your ISA year on year and build up your tax-free allowances. If you don’t use the allowance in your tax year you can’t take it forward so you’ll lose it!? You can only subscribe to one Cash ISA per tax year but you’re free to move that ISA around as much as you’d like. In some circumstances you can transfer your existing tax-free savings, so any you have accrued over the past years into this years so you can keep your tax-free money working hard. Don’t forget, your current year subscriptions cannot be split over multiple cash ISA accounts.? Keep hold of your ‘tax free wrapper’ – If you want to move your ISA you need to contact your new ISA provider who will organise for your ISA to be transferred maintaining its tax-free wrapper. Look out for products with the option to transfer in…? You can still access your money - you don’t have to lock up your cash for several years if you invest in an ISA – most easy access accounts enable you to withdraw your cash as and when you need it. Don’t forget, you are able to withdraw but can only deposit the account up to the maximum subscription limit, this does not include withdrawing and then replacing the subscriptions.

Get in touch on 01282 440500. Marsden Building Society has branches in Burnley, Barrowford, Clitheroe, Colne, Nelson, Lytham, Garstang and Poulton. Find out more here.