For those looking to put away some money for their married future, the world of finance can seem like an overwhelming place, filled with different companies offering lots of different kinds of savings accounts. It’s easy to be put off, but don’t be. The crucial thing that you really need to know about if you want to start saving is the ISA. The ISA, or Individual Savings Account, was introduced by the government in 1999 to help encourage people to put their money into savings. ISAs may seem complicated to the first time saver, but in fact they’re really a very simple money-saving device.
An ISA is not so much an account as it is a tax-free wrapper for your savings. That is, once you’ve put your savings into an ISA, the tax man cannot take a percentage of the interest you earn. The only complicated part of the whole process is choosing which ISA to go with. It’s important to work out which is the best deal for you. It may be that a regular savings account will suit your lifestyle better (try the Alliance & Leicester for more information on
savings).
Companies will also offer incentives to persuade potential customers that they have the most to offer. Don’t be swayed by - admittedly tempting – introductory offers. Rather, look at what the account has to offer you in the long term.
ISAs are there to help you save money in an effective way. Browse the internet and keep your options open. Whether it’s your dream wedding your saving for, a honeymoon, or even a house, having a lump sum put aside for the future is always a smart move and, as long as you don’t rush into anything, you should find what’s right for you.
