We're now into the new financial year (Happy new financial year!) and as such many people are now reviewing their ISAs, upgrading to new ones and taking out new ones. So whats to be gained by doing this??? And why should I have an ISA rather than a normal savings account???

If you're asking these questions or ones similar than well done, your're thinking about your savings, its surprising how many people think that their banks should be doing this for them, not. a. chance. The banks are quite happy for you to leave your money alone, sitting in some old dusty account getting 0.1% interest (believe me many accounts right now will be on this rate), if you're one of those people or you've recently been to your bank and discovered this much to your anger then shame on you, its YOUR money, not the banks and as such it is YOUR responsibility to make sure its in the right account. My job is to make you aware of the realities of banking and bring the BEST accounts to your attention, you work hard for your money so PLEASE DO NOT let it waste away in the wrong account.

An ISA then is quite simply a tax-free savings account, sponsored by the government, these nice people give each one of us 10,200 pounds per year to save tax free in an investment ISA, thats 5,100 a year in a cash ISA (which most people opt for). So the big benefit, its TAX-FREE, fill your allowance each year and enjoy a small tax haven, eventually this will grow to large proportions and you may well be able to earn a sizable sum each year in interest from this.

The mistake many people make is, as mentioned, leaving it in the same account for years. UPGRADE your ISA EVERY year!! The rates on ISAs tend to drop after 12months, leaving you with very little to smile about when you come round to collecting your interest. Every year look at what rates are being offered by the different banks and building societies, dont be afraid to move your money around, there are no prizes for loyalty. Once you've found the rate you want contact that bank, in branch where possible (the personal touch is always worth it) and open the account and request an ISA transfer. This is perfectly standard, people transfer ISAs all the time and believe me the bank staff will be happy to take your transfer.

So take a look at your accounts now, do you have a dusty old passbook?? Are you just assuming that you're getting a good rate?? REVIEW REVIEW REVIEW!! Get on the net and find the best rate for you!

Visit www.financialreviewtime.co.uk I am always working hard to find the best rates and please feel free to contact me through the website if you have any queries at all, or especially if you've found a rate that I've not seen!! Look forward to hearing from you, get reviewing, get making some money!

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