BARCLAYS is used by hundreds of thousands of Britons each year. However, for those who are thinking of switching, an understanding of current rates and options is key.
Barclays is a familiar banking provider which offers numerous accounts to those looking to save. Perhaps most sought after in the current climate, though, are cash ISAs. An Individual Savings Account, or ISA, is a popular way to save money in a tax-efficient manner. Such an account provides Britons with a relatively healthy interest rate, and a set amount of money savers can invest as a maximum.
ISAs are generally considered to help savers in their journey to making their money grow.
And with the financial turbulence brought about by the COVID-19 crisis, many will be looking for certainty.
At Barclays, there are a number of accounts which could help Britons put away their money safely.
The first is the Instant Cash ISA, currently available through a £1 minimum opening.
The Instant Cash ISA is advantageous for those who are hoping to be able to withdraw their money at any time.
The current rate offered by Barclays is 0.10 percent, but this is tax-free per year.
To be able to open such an account, a person must be aged 16 or over and resident in the UK.
They must also have not subscribed to another cash ISA during the same tax year.
An alternative option available from Barclays is the one year Flexible Cash ISA.
This ISA allows Britons to lock their money away, but does permit restricted withdrawals.
In this sense, Britons saving via this method can have three withdrawals free of charge, each one up to 10 percent of the balance of the account.
It currently offers a 0.50 percent one year fixed rate term of interest on balances anywhere from £1 to £1million.
Finally, Britons may wish to take advantage of tax-efficient investing, and this can be achieved through the Barclays Investment ISA.
Savers can use their 2020/21 ISA allowance of £20,000 in a variety of ways, and this type of account is suited to those who are looking to take a chance to make their money grow.
Barclays offers savers a wide range of investment opportunities through this stocks and shares ISA which allows Britons to invest for the future.
Any returns which are made from investments are tax-free, and so potentially advantageous.
However, for those who are looking to pick such an ISA, there is an important factor to bear in mind.
The Barclays website reads: “Remember, the value of investments can fall as well as rise.
“You may not get back what you invest. We’ll help you to decide if an investment ISA is right for you and how to open one.”
While banks do not offer personal finance advice, those who are looking to use an ISA, particularly one to do with investments, are encouraged to seek independent advice for their individual circumstances.