What Is Individual Savings Account (ISA) ?

February 2nd, 2010 admin

isaISA stands for ‘Individual Savings Account’, and is a good way of saving money as it allows you to invest up to £7,200 per annum, without having to pay any tax on the interest that is earned.  This maximum limit is changing on 9 October 2009, and after this date anyone born on or before 5 April 1960 will be able to pay up to £10,200 into their ISA accounts per year.

ISA’s were introduced by the government back in 1999 to help encourage people to save and invest their money, and under the current rules if you were to save the maximum allowance (£7,200) every year for 40 years, then you could end up with a cash fund of over £288,000 (excluding any capital gains), which is securely protected from the tax man and ready for when you retire.

There are many different types of ISA available, and with some providers you will be able to pay money in whenever you want until you reach the maximum amount, but with others you may have to meet minimum investment limits before you can pay any money into your ISA.

Multiple ISAs
You can invest in up to two ISA’s in the same tax year as long as it is split between one cash ISA and one Stocks and Shares ISA:
*    Cash ISA – this type of ISA is ideal for short term saving as it is basically a tax free savings account which allows you easy access to your money. There are a variety of different cash ISA’s available offering a range of different interest rates including fixed and variable rates, and it is worth shopping around to make sure you get the highest interest ISA you can.
*    Stocks and Shares ISA – this type of ISA is good for those people who want to invest money and can afford to leave it to mature without touching it for at least 5 years.  The cash you put into the account will be invested in stocks and shares, and any profits made from these investments will be protected from capital gains tax.

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Recession Shopping – Getting More for Your Money

September 18th, 2009 admin

During any financial recession money can be tight, so it is a good idea to review your shopping habits and start making additional savings by cutting your weekly shopping bills down.  By taking some time to look at your shopping bills and finding ways to cut costs, you can free up money and help to take the pressure off other financial commitments you may have.

Watch Prices

Set aside plenty of time to do your food shopping, and look carefully at the price of each item before you put it in your trolley.  It can be tempting just to pick up the same goods each week without checking the cost, but you could make a lot of savings by swapping your usual brand or ketchup for a cheaper, supermarket own label, or by looking out for an alternative brand that is on offer that week.  Also watch the prices at your local petrol stations, so that you can spot which ones are cheaper so that you can make some savings on your fuel bills.

Buy in Bulk

It can be much cheaper to buy certain items such as toilet roll, tinned foods and frozen foods in bulk, and as these items will last in your store cupboards so you can stock up on them every two to three months, and then just put them away until you need them.  Only ever buy those items you will actually use in bulk though, or else you will just be wasting your money and cluttering up your cupboards for nothing.

By Fresh

Ready made meals and takeaways are very convenient, but they are also very expensive and you can save a lot of money by buying the basic ingredients and making meals yourself, and they will also taste much nicer and be better for you in the long run.  If you are stretched for time at the end of the day, then set aside one afternoon/evening a week and cook up some simple suppers such as lasagne, cottage pie, pasta bake etc. and then portion these up and put them in the freezer.  Then all you will need to do is heat them up and serve them with some fresh crusty bread when you get home from work.

Coupons

Most supermarkets and larger stores offer coupons with money off goods and services, so make sure you look out for coupons in magazines, newspapers and also in store to help you cut your weekly bills, and don’t forget to check out the coupon codes on retail websites as well, as these can make you great savings online.

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    How to Get the Best Saving Account?

    July 17th, 2009 admin

    It can be difficult deciding how to invest your savings, as you need to choose somewhere that is secure but that also offers potential for growth, and savings accounts can be a useful option to consider, as they are relatively easy to open and manage, and offer high interest rates. Good savings accounts will also allow you to add and withdraw money whenever you want without any penalties, and if you already have a checking account with good credit history, then it is almost guaranteed you will be able to open a savings account with the same provider with very little hassle.

    Online

    Some of the best savings accounts on offer are only available online, so it is important that you do check the internet when searching through all of the savings accounts deals. Most Internet savings accounts can be opened online, so there is no need for you to go into a bank, and communication will be done by email and post. This will also mean you will have 24/7 access to your account details, as you will simply be able to log on to your account and view the latest interest rates and transactions, and you will also be able to link this up to other online accounts, so that you can set up automatic deposits to top up your savings every month. Remember that most of the best deals will be introductory offers, and will only be for a fixed term such as 6-12 months, before the account reverts to a lower rate.

    Types of Savings Accounts

    There are several different types of savings accounts to choose from including:

    Easy access accounts – this is the most flexible type of savings accounts as it allows you to add and withdraw money whenever you want, as many times as you want, and interest rates will be variable and will go up and down according to the base rate.

    Fixed rate bonds – these accounts are less flexible, but are a solid choice as they allow you to fix a rate of interest for a term of 6 months to 5 years, and this will protect you from any rates cuts. However it will also lock your money away from any rates increase, so be careful at what point of the rates cycle you invest your money in a fixed rate bond as you could lose out if the base rates rise.

    Regular saver accounts – this type of account is great for short term savers, and the account rates are reset every 12 months. You will need to pay a minimum into the account each month though, but this is usually a fairly low amount which should be achievable for most savers.

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    Haywood now Financial Partner of Firstgold

    May 20th, 2009 admin

    firstgoldFirstgold Corp. failed to submit its annual financial on time report Monday. The company said a pungent cash crunch banned it from filing the mandated audit. Company executives told the audit report for the recent fiscal year that ended 31 January would be completed when cash becomes available. Nonetheless, the authority did not mention when financial condition would improve.

    The Cameron Park-based group inaugurated production in March at a gold mine at Nevada. However, since it had hit hard times as leading officials to deem selling Firstgold. The company hired Haywood Securities Inc. to help getting a buyer or extra financing. Haywood is a Canadian investment banking company.

    The company’s chief executive Steve Akerfeldt told in a press release that Firstgold started negotiations with more three potential buyers. The company has leases on more than10,000 acres in Nevada. Firstgold has suspended gold processing. It has spent around $16 million to expand the processing facility & capability at Relief Canyon Mine.

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    IPIC Financed Additional $1.41 Billion into Aabar Investment PJSC

    May 17th, 2009 admin

    Aabar Investments PJSCUAE-based the International Petroleum Investment Company (IPIC) told the media on Friday that the company is going to announce several investment opportunities. Now it is revising its investment plans.

    IPIC was established in the year 1984 and it is completely owned by the Government of the Emirate of Abu Dhabi. However, it is operated by an independent Board of Directors. H.H. Sheikh Mansour Bin Zayed Al Nahyan has charged on Chairman of IPIC since 1994. Al Nahyan is personally directing the company’s progress towards the realization that to develop and boost Abu Dhabi’s presence in worldwide.

    After a general meeting of the Board of Directors headed by Shaikh Mansour Bin Zayed Al Nahyan, Chairman of IPIC, Deputy Prime Minister (DPM) and Minister of Presidential Affairs (MPA); the company said that the meeting discussed IPIC ’s performance through the first quarter of 2009 and reviewed several reports on different projects.

    Additionally, they discussed on some investment opportunities and the opportunities will soon be announced. The company recently invested an additional $1.41 billion (nearly Dh5.17b) in the Aabar Investment PJSC. The pumped was to give the country a bulk control in the investment firm set over Daimler AG’s major shareholder.

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