ISA accounts from Ford Money have had their interest rates increased today, as the company aims to support both existing and new customers. These increases can benefit those who are looking to save for both the short and long term.
Marcus by Goldman Sachs also increased its rates recently and while the new interest available may not be as high as what’s availabel at Ford Money, it nevertheless made Moneyfacts.co.uk most recent “Pick of the Week.”
Eleanor Williams, a Finance Expert at Moneyfacts.co.uk, broke down why Marus’s Cash ISA is a worthwhile option.
Ms Williams said: “Marcus by Goldman Sachs has increased the rates on its Online Savings Account and also on its Cash ISA this week, by adding an introductory bonus rate of 0.10 percent, which is applied for 12 months.
“Now paying a rate of 0.50 percent monthly (inclusive of the bonus rate), the deal moves up the top rate table when compared to other variable rate ISAs currently on offer.
It should be remembered ISAs of all kinds (cash, stocks and shares, innovative finance and Lifetime accounts) shield savers from tax.
For the current tax year, up to £20,000 can be invested into ISAs.
For Lifetime ISAs, only £4,000 can be invested in a tax year but these accounts provide bonuses for first home purchases and retirements.
Full details on ISA rules can be found on the Government’s website and guidance on how to save can be sought from the likes of Citizens Advice and Money Helper, the new public service which brings together the support services of the Money Advice Service, the Pensions Advisory Service and Pension Wise.