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Most of our clients who want to save regularly tend to opt for the Tax Exempt Savings Plan (TESP) as their first port of call, to maximise their tax-free allowances. However, you can only save £25 per month / £270 per year in a TESP so anyone who wishes to save over this amount should then consider our complimentary Regular Savings Plan.
Tax Exempt Savings Plans (TESPs) are only available through friendly societies and are an additional tax-free allowance in addition to any ISA or Junior ISA allowances.
Following the demise of the Child Trust Fund (CTF) the government introduced Junior ISAs as a replacement to encourage parents to start saving for their children’s future.
Well, it has come around again and after an extremely busy couple of weeks in the office, the new tax year has arrived, bringing with it good news for savers!
The Bank of England voted to keep its base rate at an historic low of 0.25% on 02 February 2017, despite expectations of rising inflation and slower wage growth squeezing household budgets and spending this year.