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Saturday, 20 December 2014

Starting an ISA account: Why it's never too soon to save

Advertising feature. There are lots of good reasons for thinking about your financial health as early as possible, as well as how certain products could benefit you in the future. Whether it's an ISA, a pension or one of our simple savings accounts, putting money away on a regular basis could give you the boost you need later on. This might be when you're looking to buy a car, or take a career break, or find the deposit for your first home.

Stocks and shares ISAs are available to UK residents aged 18 or over, but if you would prefer a cash option, you can have one as soon as you're 16. ISAs are a popular choice with young savers. In fact, a survey commissioned by Friends Provident (5th Jan 2010) revealed that 43 per cent of people between the ages of 21 and 29 planned to set up an ISA at some point during 2010.

The start of a new tax year can be a great time to get your finances into shape. And Halifax has a range of options that might be of interest. If you do decide an ISA is right for you, changes to ISA allowances have made them even more attractive – but it's worth remembering that tax rules can change again in future. In the past, anything up to £3,600 could be put into a cash ISA during the tax year, while up to £7,200 could be placed in a stocks and shares ISA - less anything paid into a cash ISA during the same period.

However, from 6th April 2010 this limit for eligible investors has been raised to £10,200, with the maximum available for the cash option set at £5,100. These annual allowances have been in place for those born on or before 5th April 1960 since October 2009, but now everyone who is eligible will be able to take advantage of them.

Stocks and shares ISAs have the potential to make your money work harder using the power of the stock market. Of course, it is important to remember that stock market investments can go down as well as up and you may get back less than you invested.

Halifax's current range of products offer a choice of investments at differing levels of risk. Why not make use of our Risk Profile Tool, which helps you to assess your attitude to risk. You can then compare our wide range of ISAs and funds online and, if you need any further information, make an appointment to see one of our financial advisers.

Halifax offers a complete range of bank accounts and personal investment products. Whatever you're looking for: from savings to personal loans, a mortgage or a credit card, at Halifax we aim to give you a little extra help. We even offer help with your home insurance and travel insurance too.

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