Looking for extra from your ISA?
Friday, March 14, 2014
The Bank of England's interest rate has been at a record low for over four years resulting in poor returns for the 80% of the UK adult population with cash in savings accounts*. At the same time, average interest rates on Cash ISAs have fallen to an all-time record low; with some falling as low as 1.09 %**.
It's a challenge for those looking to maximise their ISA allowance before the end of the current tax year, however there are alternatives to the low interest rates often on offer through Cash ISAs which some may not have considered previously, such as a Stocks & Shares ISA with Foresters Friendly Society.
Backed by a 93% customer satisfaction level (2013 Annual Customer Satisfaction Survey), Foresters Stocks & Shares ISA is invested in the Foresters' Order Insurance With Profits Fund, one of the top-performing with profits funds***.
What's more Foresters' ISA is flexible and allows investors to:
- Contribute regular amounts from £50 per month, invest lump sums of a minimum of £250 or use a combination of both to take their total investment to the current maximum of £11,520 in the 2013/14 tax year for a stocks & shares ISA.
- Transfer an existing ISA into a Foresters ISA - the transfer is managed by Foresters on your behalf.
Plus, by taking out a savings or investment plan with Foresters, customers also gain access to a range of member benefits known as Foresters Extras which include access to a 24/7 GP Consultation Service and discretionary grants including dental and optical grants and educational awards.
Neil Armitage, Marketing Director at Foresters Friendly Society said: "With the current tax year end fast approaching, savers and investors should be going through their checklist to ensure they are maximising their tax allowances. It's important to understand that, due to inflation, money left in a savings account can have its value eroded over time so those looking for alternatives will need to look elsewhere to the low rates currently being offered by the banks. The Foresters ISA aims to provide annual bonuses and a possible final bonus to increase the value of the investment. In addition, anyone taking out an ISA will have access to Foresters Extras, a range of member benefits at no additional cost."
You can find out more about Foresters Friendly Society's Stocks & Shares With Profits ISA here.
The addition of bonuses is not guaranteed. You may not get back the full amount originally invested, depending on the conditions at withdrawal and should check the terms of your existing ISAs to ensure there are no penalties for transferring. Member benefits are not regulated.
Please note: As of 1 January 2017 the GP Consultation Service is no longer available.
** Hacker Young Chartered Accountants
*** Source: Money Management With Profits Survey results (April 2013).