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Special Article - Wedding ISA'S

If you're looking for a good way to manage your matrimonial savings but aren't sure where to start, it would be worthwhile to spend some time learning about ISAs. Popular with many young couples because of their tax-free benefits, you may find
that an ISA is exactly what you're looking for to put a bit more power behind your savings. To get you started on the
road to understanding ISAs, here are a few key points to remember:

ISAs are not so much a product as they are a tax free wrapper to put around your savings. Basically, any money that you put into an ISA can earn interest that will go untouched by the tax man. Ordinarily, if you were to put your savings into a regular savings account, you would find yourself giving between 20 and 40% of the interest you earn straight to the Government in taxes.

There is a limit to the amount you can put in your ISA. Naturally, whilst the Government want to encourage saving they are not going to make all savings tax-free, so they have imposed a limit of £7,200 on ISAs per tax year. There is also a difference between the cash limit and the stocks and shares limit. That is, you can put £3,600 of your cash into an ISA per tax year, leaving you with the option to spend another £3,600 on stocks and shares which can also be protected by an ISA.

ISA savings should not really be treated as savings that can be withdrawn and deposited frequently. Once you withdraw savings from your ISA you instantly lose all tax-free benefits, and it does not free up space for you to invest more that tax year. Say, for example, that you want to remove £1,000 from the £2,000 you have already deposited. For the rest of the tax year, you will still only be able to deposit £1,600 in your ISA - not £2,600.

The tax-free nature of ISAs makes them hugely popular with savers. If you think an ISA could be a good option for you, why
not pop into your local bank and ask someone to take you through the options – they should be able to answer any questions
you have so that you can make an informed decision. For some competitive quotes (and further information) have a look
at the Alliance & Leicester website, a good resource for savings accounts.