New ISAs explained in everyday words by Scottish Friendly

If you followed the recent budget to see if there was anything of interest in it for you, you might have seen that ISA’s have been simplified and made more flexible into something nicer. Or, NISA if you will, since they’re now called New ISAs. Did you see what I did there?

Scottish Friendly have provided me with a useful guide which explains it all fairly clearly. You can see an exerpt here but you can find it on the Scottish Friendly Website:

ISAs are a great way to save money because they’re tax free. If you’ve ever had a savings account, you’ll notice you get your interest net of a deduction of tax, which is a shame because unless you’re fabulously wealthy, the interest wont have been much to start with. If you stuck the price of a couple of pints a week away, that would be over £350 a year. Which is a meaningful sum of savings.
If you’re the sort of person who prefers to watch stuff, Scottish Friendly have also produced this  simple video. It’s shorter than an advert break at half time during an ITV Champions League match, so it’s not that long. And it even features a ginger woman, proving that hair colour is no reason not to save.
Disclaimer: This is a featured post, I thought it was an interesting and helpful topic, especially in this economic climate!