What is a Cash ISA?
An ISA (Individual Saving Account) is a tax-efficient way to save your hard earned cash. There are two types: cash ISAs (which Skandia does not offer) and stocks and shares ISAs. Cash ISAs are like a normal savings account - you can take cash out whenever you want. The main difference is that the interest your savings earn isn't taxed. There are a wide range of Cash ISAs available in the market offering different rates of interest and access.
What is the difference between a Cash ISA and a stocks and shares ISA?
Unlike a Cash ISA, a stocks and shares ISA allows you to invest your savings into the shares of companies. This can normally be done by investing in investment funds, such as Unit Trusts or Open Ended Investment Companies (OEICs), that pool investors money together and invest in a range of companies. You can then benefit from the growth in those investments, or any income from them, free of personal tax.
How can I make sure I’m getting the best return from my ISA?
You have an annual ISA allowance for both types of ISA, limiting the amount you can invest each tax year. Each year you get a new ISA allowance, which rises year-on-year with inflation. Any investment, including an ISA, is best made following sound financial advice. Skandia does not sell direct to the public as we believe that you will achieve the best results working in a partnership made up of you, your adviser and Skandia. We call this ‘Investing the Skandia way’.
What are Skandia’s ISA options?
Skandia offers a stocks and shares ISA through our investment platform, Skandia Investment Solutions. As a five star service provider, Skandia is proud to have won a number of industry awards, including the ‘highly commended’ award in the Best ISA Provider category*. As such, we offer a number of benefits as standard:
Simplicity
- Skandia Investment Solutions, our market-leading investment platform, enables you to hold and manage all your fund-based investments within a single, consolidated portfolio.
- Keep track of all your investments with a single summary document, no matter how many funds you invest in.
Choice
- With access to around 1,000 unit trusts and OEIC funds from more than 80 fund managers, you are able to spread and adapt your investments in line with your savings goals and attitude to risk.
Flexibility
- Cash – in the whole or part of your ISA whenever you wish.
- Switch funds as you wish, free of any administration charge**.
- Move any existing ISAs to us without any loss of tax benefits.
- Have easy access to your money through regular withdrawals or one-off payments.
*Investments, Life and Pensions Moneyfacts Awards, September 2009. Skandia was commended in both 2010 and 2011 in the same category.
**Skandia does not currently charge you for switching funds.
You can find out more about Skandia’s stocks and shares ISAs or speak to your financial adviser who will be able to discuss your options and recommend investments to suit your needs.