The last few years have seen an overhaul of the finances in the Boo Roo and Tigger Too household. After Mr Boo was made redundant it forcd to look at our incomings, outgoings and most importantly our savings for the future (or lack of them). Realising that we were living from pay packet to pay packet with no money left over for savings we made some changes and now we have set up a standing order that goes out every week into a savings account, having it go out automatically has meant that we haven’t missed it.
With family life never running smoothly we have of course had to dip into the savings to pay for a new car, house repairs and holidays but at least we have that little safety net. Having the money sitting in a separate account isn’t exactly making the most of the funds so we have been looking into other options and maybe is time to grow up and get a NISA?
Is it time to grow up and get a NISA?
The New ISA (NISA)
In his budget speech the Chancellor announced that from 1 July 2014 ISAs will be reformed into a much simpler product, the New ISA (NISA). Whatsmore, all existing ISAs will automatically convert to a New ISA. Meaning those already saving and investing into an ISA will benefit from the changes a foot.
So what are the differences?
Watch this video from Scottish Friendly to find out what’s changed in everyday language…
- Subscription limits will increase from £11,880 to £15,000
- New subscriptions to be split in any proportion between a New Cash ISA and New Stocks and Shares ISA – currently, investments into a Cash ISA are limited to a maximum of £5,940
- Any contributions made into an ISA from 6 April this tax year will count against your New ISA limit for 2014/15
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Do you invest in an ISA?
Are you looking forward to the New ISA (NISA)?
Disclosure: This post is brought to in collaboration with Scottish Friendly