A custodial savings account is a very specific type of savings account in the sense that it is opened for people at a minor age, or those who are 18 years of age or younger. A custodial savings account may also be opened for people who are over the age of 60. Custodial savings account require its account holders to maintain a minimum monthly balance. The balance ranges from around to , depending on your provider.

One of the benefits to having custodial savings accounts is the ability to access 24-hour hotlines for any issues an account holder may have. This is a service that is given to many custodial savings accounts in many different banks. Custodial savings accounts are also quite ideal for families to teach their children the value of money and saving while letting them handle their own expenses.

Savings accounts are paid interest by such financial institutions, with the understanding that they cannot be used directly in the same manner as money or regular currency. Savings accounts allow customers of banks to set aside an amount of their liquid assets while at the same time earning a set amount of monetary return. A savings calculator is an tool that can really help with determining someone’s own finances. Savings calculators are mostly available online, and are an added service benefit from many online web sites, usually given for free. Using a savings calculator can have one see how a balanced approach to investing can make their money grow.

Savings interest rates vary from bank to bank. Some banks may offer a higher interest rate, but may have a higher minimum maintaining balance required for the account. Some others may offer mediocre interest rates, but with more account holder flexibility. High interest savings accounts may be the best choice for a type of savings account, especially for those who are managing their own businesses. High interest savings accounts are a great way to put in one’s profits, as the high interest rate guarantees that your money will be growing in the bank. For more information and tips on Great Benefits Of Custodial Savings Account visit, http://custodialsavingsaccount.com

As the current tax year comes to end, so does the opportunity to invest up to £3,600 and enjoy tax-free returns. That is the maximum amount that current government regulations state you can invest each tax year in a Cash ISA (Individual Savings Account). To take advantage of this year’s allowance, remember that your cash must be banked by 5th April.

The maximum annual allowance is equivalent to £300 of savings per calendar month. If you already have an ISA but have invested less than the full maximum annual allowance you can make an additional deposit right up until the final day of the tax year. But, if you have already deposited the maximum amount then you will not be able to earn any more tax-free interest on additional sums invested.

Cash ISAs are free from income or capital gains tax, so are a tax-efficient form of saving for UK tax payers and investors. What’s more, they can be opened by any UK resident aged 16 years or older; either online, by telephone, or in person at a branch with a deposit as little as £10. In fact, even if opened on the final day of the tax year an individual can still deposit their entire £3,600 allowance and receive the interest tax-free, for the entire time that the account is open, or until the Government changes the rules.

However, it is important to remember that if you decide to withdraw funds from an ISA product, you cannot replace it at a later date. For example, if you invest the full £3600 and then withdraw £500, you cannot top it back up, so your total tax free balance for that year will be £3100.

In addition to the Cash ISA, you could also opt for a Stocks and Shares ISA, which could also provide potential tax benefits depending upon the performance of the markets. If any profits are made from such a scheme they are exempt from capital gains tax, and any bonds purchased under such a scheme are also eligible for a tax refund.

Under current rules up to £7,200 is available each year for investment in ISAs. That entire amount can be invested in a Stocks and Shares ISA, or split between a Cash ISA and the Stocks and Shares ISA. However, you should always bear in mind that the performance of your ISA will be tied to the performance of the market.

Many Cash ISAs move at a variable rate tracking the Bank of England base rate. However, recent dramatic cuts in base rate have seen interest rates fall to a historic low. In this low rate environment, it means that it could be time for savers to consider a Fixed Rate Cash ISA, which guarantees a rate for a set period.

A Cash ISA is a tax-free savings account. You put your money into a Cash ISA much like a normal savings account but the interest will not be subject to capital gains tax (CGT) or personal income tax liability, However, it is important to understand that your tax free cash allowance is limited to £3,600 each tax year.

Different products allow you to invest your cash in an ISA in the form of a one-off lump sum, multiple lump sums or smaller regular payments. Although the amount you can save each year is limited to £3600, any sum you put away retains its tax free status, allowing you to grow your tax free balance each year. However, if you decide not to use your allowance in one tax year, you cannot roll it over to the next – so basically use it or lose it! So make sure you put away any sum for the 08/09 tax year before the new tax year begins in April.

Savers with Variable Rate Cash ISAs should keep a close eye on interest rates to ensure they know what they are earning on their savings. In addition, it could be beneficial to look at other deals out there in the savings market, as you could be missing out.. Fixed Rate Cash ISAs on the other hand provide an alternative to this by guaranteeing you a rate for a set period, so savers will know exactly what return they will get on their balance.

A fixed rate deal can offer security during uncertain economic times. By acting fast you can fix the rate on your savings to get the best deal possible during the current economic downturn.

1 Year Fixed Rate Cash ISAs will provide different options for managing your account whether this is by phone, branch, post or online. In addition, when opening a 1 Year Fixed Rate Cash ISA you may also have the option to transfer in cash from your existing ISAs.

There is much to consider when it comes to investing in a Cash ISA account, but it is good to know that there are many good deals and interest rates available for savers through Fixed Rate Cash ISAs.

One of the standard pieces of advice we have always given when it comes to investing in stocks & shares is that it really will pay off to maximise the allowances clients have to ISAs.

If a client is looking to invest, this is the first port of call for us as wealth managers. As a couple can invest £7,200 each in every tax year, this ‘pot’ can potentially grow very nicely over the longer term. This growth will then be sheltered from the ravages of taxation.

Let’s say a higher rate taxpayer (the vast majority of our clients) has £100,000 in her ISA investments. What would be the returns after tax over, say, 10 years, and what if this same investment had not been sheltered in an ISA?

A 5% yield (growth) per annum in a UK fixed interest unit trust fund would return:

Non ISA value – £134,392 ISA value – £162,890

An equity growth fund and a 7.5% pa growth:

Non ISA (Offshore Bond) – £159,940 ISA – £206,100

Returns are very similar if a UK equity income fund was chosen.

So, what about lower rate taxpayers? Well, the figures are not as dramatic, but once again the ISA wrapper proved to be the winner by quite a way.

The conclusions are very clear. If you are an investor in the stock market, make sure that you maximise your ISA allowance each year if you can. If you have a spouse and funds allow, use their allowance as well.

In practice, when we meet retired clients in their 60s and 70s, they tell us that having a tax efficient ‘pot of money’ that can be dipped into without any worries about tax is very reassuring. Retirement planning is not just about pensions.

Of course there are a lot of worried investors at the moment with the world’s markets showing considerable downturns. This is something we cover with clients on an ongoing basis, and what really strikes us is that because we only invest money in proper risk assessed portfolios that we have developed over the last 5 years, our average client’s portfolio is holding up comparatively well.

Recent annual reviews with clients have shown that a typical portfolio we recommend, would from January 2008 to date be down 15%. However, the FTSE All Share index is down 41%. This is something that you should cover with your adviser if it concerns you.

So it does pay to maximise your ISA allowances. However, it is all very well having a tax efficient investment, but how is it coping with the current market downturn?

If you are looking to switch from a unit trust or bond into an ISA, beware of any penalties to do so, including anytax to pay by changing.

The Financial Tips Bottom Line

If you are an investor in the stock market, it really does pay to use the ISA annual allowances.

Action Point

Check your overall portfolio. If you have any unit trusts or bonds, and have unused ISA allowances, it is worth finding out if these could be transferred into the tax shelter of an ISA.

If you are investing new money, then start with your ISA allowances before looking elsewhere.

An Individual Savings Account or ISA is one of the most common and easy to access saving and investing tools in the UK. This video provides an summary of this products.

When it comes to investing your money, earning and saving are top priorities. And the money you invest is likely to have already been subjected to income tax- so why would you allow your accrued investment interest to be cut by taxes yet again?

The truth is, you don’t have to. That’s because there is a safe, simple and flexible way to invest without losing a portion of your hard-earned savings to taxes: ISAs, or Individual Savings Accounts. An ISA is a tax-privileged savings account that’s designed to effectively help you earn from your savings – which means that the whole amount you place in the savings account is subject to accumulate entirely tax-free interest. Investing your money in a cash ISA gives you the opportunity to save thousands of pounds a year without paying UK Income Tax on the interest you earn. And with the right ISA provider, you’ll also benefit from a highly competitive rate of interest and the convenience of managing your account in person, by phone or online.

With the end of the tax year approaching, many people will begin to consider investing in ISAs. So what are top investment features to look for? It’s important to keep in mind that the best cash ISAs on the market are those which are flexible, easily accessible and offer the most competitive tax-free variable interest rates.

If you’re considering investing in an ISA, you’ll find various financial institutions, like National Savings and Investments, which can provide a range of flexible and high interest ISA account options – from cash ISAs to ISA investments in stocks and shares. You can even gain access to a comprehensive investor’s guide online, explaining ISA product options, associated interest rates and expected tax-free savings.

ISAs are a great way to build your savings without having to pay taxes on your earned interest; and you can take advantage of the highest tax-free rates available to optimise your earnings. Moreover, any taxpayer aged 16 or over is eligible to start an ISA account with as little as £10 – so saving can begin early.

The income you receive from working has already been taxed once. So why let yourself be taxed on the interest earned by the savings you manage to put away? Simply invest in an ISA, and start to benefit from the money you invest.

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