It's ISA time!

May I be the first to wish you a 'Happy New ISA Year' in anticipation of the new Tax Year on Monday 6th April!

What's all the fuss about? ISA's (or Individual Savings Accounts, to give them their full title) can be a great way to invest your funds without giving a chunk of your savings to the pesky Tax Man (boo hiss!). There are lots of different options available on the market, I'm no financial expert, so I'm afraid it's up to you to do the legwork to find out which one is best for you (why not check out Money Supermarket as a starting point?).

To give you the (very) basics from Monday you can invest up to £7,200 in an ISA tax-free! Up to £3,600 of this can be stashed in a Cash ISA, the remainder you would have to invest in the Stocks & Shares variety. If you've already got an ISA this means your allowance starts again so you can add more money to the pot, and if you haven't already got one, now is a great time to set one up giving you a full Tax Year to start investing.

Don't worry if the thought of saving £3,600 in a year sounds impossible, even if you've only got a small amount to invest, or can only manage to save £20 a month it can still be a savvy investment, as other savings accounts means the Tax Man (boo hiss!) will be getting his hands on some of your moolah (double boo hiss!).

I'll be looking at setting up a new Cash ISA in preparation for the new Tax Year tomorrow. But believe me I've done a fair amount of research before deciding where to stash my nest egg! The info I've provided here really is the tip of the iceburg as far as ISA's are concerned. If you want to know more, this is one area where I'm going to refer you to the lovely experts at MSN Money!

One thought before I do bid you adieu. Interest rates aren't amazing at the moment due to the pesky Credit Crunch. But it's worth shopping around as there are a wide range of deals out there, make sure you read all the info carefully though as some have limitations, specific conditions (such as no withdrawls in the first year) or opening offers. Make sure you're getting the deal that suits you.

Happy saving!

Babe xx