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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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  #1  
Old 04-12-2006, 06:44 AM
maisy maisy is offline
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Default Tax Free savings options?

I'm looking to invest some money and I've been told to look into tax free savings. I'm in the UK, so what sort of options do I have available?
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  #2  
Old 04-17-2006, 05:18 AM
Jay332 Jay332 is offline
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Default Re: Tax Free savings options?

If you're in the UK like me then your main option is an ISA - Investment Savings Account.

These come in a couple of different types -

1. Savings only, with guaranteed interest rate
2. Stock market investment, with increased risks and benefits

Some banks will have a mix of both as well - the HSBC calls the first a Mini-ISA and the second a Maxi-ISA.

What you need to look at is how long you plan to invest for - investing in stocks and shares is more a long-term strategy, and it's worth mentioning that you'll probably get hit with management fees for this right at the start, which means you have to commit to the long-term as you're going to make a loss in the short-term.

Interest rates on Mini-ISA's are usually much better than savings accounts though.
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Old 05-10-2006, 07:07 AM
maisy maisy is offline
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Default Re: Tax Free savings options?

Thank you for the reply. I think savings with a fixed interest rate sounds more attractive as I don't like risk.
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Old 05-12-2006, 07:27 AM
Finance Admin Finance Admin is offline
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Default Re: Tax Free savings options?

A lot of banks offer these - I believe we're just into the new year for investing with them. Remember they are a mid-term investment plan, though, and you should be ideally looking to leave the money in one for about 5 years.

2c.
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Old 09-08-2006, 06:35 PM
parrotbay parrotbay is offline
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Default Re: Tax Free savings options?

Are the ISA's just UK specific? I'd like to look into investing not only in the UK, but elsewhere. I like the idea of ISA's, but I"m wondering if they offer them in other places. I really don't mind the risk.
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Old 09-19-2006, 12:07 PM
brian brian is offline
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Default Re: Tax Free savings options?

I think the ISA's are specific for UK citizens - but I'm sure there must be similar schemes in the USA.

Then again, the UK is a very heavily taxed country so maybe US members don't have the need for tax exemption on investments.
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Old 11-03-2006, 08:57 AM
katharina katharina is offline
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Default Re: Tax Free savings options?

Quote:
Originally Posted by maisy View Post
Thank you for the reply. I think savings with a fixed interest rate sounds more attractive as I don't like risk.
This is the way I feel, too. It takes too long to earn the money for a savings account to put all of it into a lot of risky investments. That said, I *do* think investments are great when one's saving's account isn't involved.
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Old 11-13-2006, 02:32 PM
destiny_star200 destiny_star200 is offline
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Default Re: Tax Free savings options?

I always get confused when it comes to this kind of savings.
So thanks very much for the information im sure it will go to some use!
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Old 02-19-2009, 03:43 AM
Jhonny Jhonny is offline
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Default Re: Tax Free savings options?

not may options...
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  #10  
Old 02-19-2009, 09:37 PM
RobertD RobertD is offline
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Default Re: Tax Free savings options?

Just for you Canadians out there our government has given use a brand new option this. It is an after tax dollar savings or investment account whose earnings are never taxable, plus you can withdraw money from it if you need it you just have to wait till after the year end to put it back.

If you are really good at saving or if you know that you are going to maintain most o your income into retirement this maybe a much better option then the RRSP that get your tax dollars back.

All Canadians should take a good look at these.
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