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Moving money from coin jars to ISAs

POSTED: 5th April 2013
IN: Personal Guides
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With the new financial year nearly upon us, savers are likely to have a renewed desire to put some money aside and make an investment in their future.

undefinedAnd with the 2013-14 cash ISA limit being raised to £5,760, people have more scope than ever before to put away money from the taxman.

It seems, too, that the average Brit has more money than he or she thinks they have. According to research from comparison site Gocompare.com, the typical coin jar holds £38.35.

On top of this, an astonishing nine per cent think that their piggy bank holds more than £100, suggesting that it may be easier than first thought to begin to put some money aside in the new tax year.

Some 13 per cent will need a bit more convincing, according to the research, as they believe that keeping money in a coin jar is a better alternative to low-interest accounts.

This is an opinion that Jeremy Cryer from Gocompare.com spoke about, explaining: "Coin jars are clearly a convenient way of storing nuisance loose change from pockets or purses, but for many people they are also a way of saving small amounts of cash.

"Our survey shows that they are being used as an alternative to traditional easy access savings accounts to save significant amounts of cash, often for a specific purpose.

"While many of us have probably emptied out coppers into a jar instead of carrying them around there are a lot of people saving up £1 and £2 coins at home as well as £10 and £20 notes.  Indeed, nearly ten per cent of coin jars in our survey have over £100 in them."

For those who feel they can fill up their cash ISA, an additional £5,760 can also be invested in a stocks and shares ISA.

While there are a greater numbers of risks to placing money into such an account, it could yield a greater return in the long term.

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  • Personal
  • Personal Savings
  • Guide

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