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ISA deadline looms for savers By Rebecca Atkinson
It may seem a long time until spring especially with the long month of January to get through first. But if you haven't yet utilised your £3,000 ISA allowance for 2007/2008 then you've already got less than nine weeks to do so before The new tax year starts on 6 April, so if you have between £1 and £3,000 to save then investing it in an ISA is the best thing you could do as this type of account ensures your savings are protected from the taxman. The Scarborough Building Society is currently offering 6.3% AER on its 30-day Notice ISA although you will need to have at least £1,000 to put aside. If you have less to save then consider the Loughborough Building Society's 90-day Notice Mini Cash ISA which has a AER of 6.1% on deposits of at least £1. Or, if you need instant access to your money, then Kent Reliance Building Society is offering 6.05% AER on a minimum deposit of £1. Alternatives to ISAs If you have already used your ISA allowance and are concerned that the Bank of England may slash interest rates over the next few months, then a fixed rate saving account might be for you. But with some banks and building societies pulling their market-leading products, you should act quickly to ensure you bag a good deal. London Scottish Bank currently has a one-year product at 6.85% AER for deposits of at least £2,000. But if you have less cash to put aside then Bradford & Bingley is paying 6.8% AER on its one-year fixed product from deposits of £1,000 plus. Even less money to save? Then the next most competitive product is from Anglo Irish Bank and is priced at 6.75% for one year on deposits of at least £500. Online saving For people that like to manage their money online, many banks and building societies offer internet savings accounts. The most competitive on the market at the moment is from Newcastle Building Society. Deposits of £250 plus will earn you an interest rate of 6.43% AER. Or you could opt for Bradford & Bingley's recently launched Internet Instant Access account with 6.4% AER for deposits between £1 and £250,000. If you require instant access to your funds but would rather manage your money by post or telephone, then Heritable Bank continues to offer its Easy Access account paying 6.46% on deposits of at least £1,000. Or if you are committed to making regular savings, then Skipton Building Society comes out top with its Special Saver account paying 7.55% on contributions between £10 - £250 a month. The downside is you'll only have access to your funds when the account expires after 12 months. Finally, if you're a parent looking to set up a savings account for your children, then Halifax's one-year Children's Saver bond continues to outshine its competitors, paying 10% AER on monthly contributions between £10 - £100.
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