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Choosing the right ISA for you
Updated 12:38pm Monday 25th February 2013 in lloyds_advertorial_content_lancashire
Save however much you like up to a limit set by HM Treasury and don’t pay tax on your interest by putting your money in a cash ISA.
Find out more about cash ISAs from Lloyds TSB Before you choose your ISA, there are three main things to think about:
- how much you want to save
- when you need access to your savings
- the level of risk you want to take
Compare cash ISAs from Lloyds TSB to see which one is right for you Depending on your needs, you can either choose an ISA that lets you access your savings at any time, go for one with a fixed interest rate, or even use your ISA to invest in the stock market.
Start saving from as little as £1 If you think you’ll need to dip into your savings, a Lloyds TSB Cash ISA Saver might be right for you. This is an instant access ISA so you can withdraw money whenever you need it.
Open your account with just £1 and save however you want – you can pay in a fixed amount each month or transfer money from your current account whenever you like.
See the Lloyds TSB website to find out more about ISA rates Fix your interest rate If you already have some money put away and want to make it work harder, you could save with a Lloyds TSB Two Year Fixed Rate Cash ISA These accounts can give you a better interest rate, fixed for the term of the account.
Unlike an instant access account, if you withdraw money from your account during the term, you’ll need to pay a fee.
You’ll benefit from a better interest rate, although with a Lloyds TSB Two Year Fixed Rate Cash ISA, you’ll need a deposit of £3,000 to get started. But, you’ll earn interest on everything from £1.
Stocks and shares ISAs You can also put some money away by investing it in a stocks and shares ISA.
Your money is invested in the stock market and you can get started by investing anything from £150 a month or a lump sum of £1,000.
There could be a greater risk to investing in these as the value of the stock market can go down as well as up so there is a chance you could get back less than you originally invested.
But there’s also the potential to earn more than you would with a cash ISA. Stocks and shares can rise in value much higher than most interest rates, so if your investments perform well, you could make even more interest.
Tax treatment depends on your individual circumstances, and may change.