Yorkshire Bank ISA
Yorkshire Bank offer a selection of Cash ISAs to help you save, however when working out what is best choice for you it is wise to shop around and compare offerings from different providers to get the most out of your maximum ISA allowance each tax year.
You can use the table above to compare a selection of different ISAs from various providers which might help you decide and click the links to apply.
Types of Yorkshire Bank ISA:
- Cash ISA Instant Access – offers a tiered variable rate of interest, so the more you save the higher the interest rate you may receive. You can make withdrawals into the account whenever you like and make deposits with regular payments, one-off deposits or a combination.
- Cash ISA 40 Day Notice – allows savers to make a withdrawal in whole or in part by giving 40 days notice. This account also offers a tiered rate of interest so the more you save the better interest rate you could receive.
Types of ISA
To make the most out of your maximum allowance it is important you understand all of the features of an ISA before you take one out. There two different kinds of ISA: Stocks and Shares ISAs and Cash ISAs which are considerably different. You are limited to having a maximum of one of each kind of ISA every tax year, your maximum allowance however stays the same, this means that if you choose to open one of each ISA you will need to break up your allowance between the two.
- Cash ISAs: This type of ISA basically works like a normal savings account with a bank and building society, the only real difference is up to your maximum allowance any interest payments you receive will be free of tax. Providers may offer different kinds of Cash ISA such as Instant Access accounts where you can make withdrawals whenever you want to Fixed Rate accounts that normally require you to lock your cash in the investment for a set period of time.
- Stocks & Shares ISAs: Can offer potentially better interest earnings, however your capital is at risk meaning you could get back less than what you originally invested. This is because this kind of plan is a tax-efficient investment account which you can use to invest in other products such as stocks or gilts. There are Self-select plans which require you to directly invest in different shares yourself or collective investment plans where your money is pooled with others and invested into a fund. You are still required to pay tax on dividend earnings with this type of account but to your maximum allowance you are not charged Capital Gains Tax or Income Tax on the ISA.
Transferring an ISA
All providers are required to allow you transfer your Individual Savings Account (ISA) to another provider; however some accounts may impose a penalty for doing so. This means that while it is wise to shop around often to try and find better deals, you should factor in any penalty you might receive as this could cause you a greatly loss than what you would stand to gain by moving accounts.
Are you new to investing or simply don't have time?
A ready made ISA investment portfolio may be right for you where you get investment experts to choose the asset mix of your ISA on your behalf.
The good news is that over the last few years investment platform providers have upped their game in providing carefully constructed model portfolio options to suit all kinds of investors for your ISA.
Using low cost funds such as ETFs and index trackers and smart technology there are some excellent options for investors.
Choosing a ready made ISA portfolio
With each ready made portfolio, it is the investment team at your selected portfolio provider who have chosen the investments.
Each portfolio will typically have a set risk profile e.g. cautious, balanced, adventurous, and then will invest in assets that are aligned with the portfolio risk profile. The ISA portfolio provider’s documentation will clearly explain exactly where your money will be invested.
Depending on the type of ISA portfolio service offered:
- The fund managers will then manage the investments on your behalf or
- Having made the investment choices for you, it is up to you on how you “manage” the investments going forward
The investment experts at the portfolio provider may also monitor the make-up of the portfolio, and may consider changing it if market conditions alter, which might help mitigate the effects of falling stock markets.
For example, they might decide to have more exposure to one investment fund which they think is set to perform well, and to reduce their exposure to another fund.
However, you still need to make the initial decision as to which portfolio to choose.
When deciding which portfolio to invest in, you might decide to look at past performance records.
If you do, then please remember that past performance is not necessarily a guide to future performance.