Scottish Friendly becomes the first to outline its 'NISA'
Scottish Friendly has today emerged as the first investment ISA provider to outline its New ISA (NISA). The friendly society has today provided information on its NISA offering, which allows savers to invest from as little as £10 per month.
Earlier this month, the chancellor announced that from 1st July, savers will be able to put up to £15,000 into NISAs, either as cash or shares. Those investing in investment ISAs (often referred to as stocks and shares ISAs), which Scottish Friendly provides, will therefore soon have a limit of £15,000 – up from £11,520 in the current tax year.
Existing Scottish Friendly ISAs automatically become New ISAs from 1st July, helping customers to invest in a wider range of investments in a tax efficient way. Ahead of the change, Scottish Friendly has produced a new in-depth guide and video for customers, explaining what the changes to ISAs announced in the budget mean for savers.
The guide explores how the changes will affect savers with investment ISAs, as well as outlining what, if anything, they need to action to ensure that they are getting the most out of their savings and making their money go as far as possible.
Neil Lovatt, director at Scottish Friendly commented,
When looking ahead to their retirement, many people automatically think of pensions - thanks mainly to the immediate tax relief on contributions, something which higher-rate taxpayers benefit most from. The flexibility offered in a New ISA is a very attractive option for many as they allow savings to grow tax-free and, unlike pensions, when people cash it in there is no additional tax payment to make. Our New ISA plans start from just £10 per month, meaning Investment ISAs from Scottish Friendly are open to all.
Scottish Friendly is also running a Twitter campaign this week, sharing useful facts about ISAs. To join the discussion, just use the hashtag #FriendlyISAfacts. The Scottish Friendly guide can be downloaded at:
The video can be viewed on the Scottish Friendly website at:
The value of a New ISA can go down as well as up and the original investment is not necessarily guaranteed.
Tax-free means the fund your plan invests in grows free from income and capital gains tax (other than tax from UK shares).
Tax treatment depends on your individual circumstances. Tax law may change in future.