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Yahoo
2 days ago
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Best Junior cash Isas: Today's latest rates
The earlier you start saving for the future, the better, as the old adage goes. That is just as true for your children or grandchildren – and a Junior Isa can provide a good option. Of course, newborns and young children can't have a bank account of their own, but you can give them a head start financially by opening a savings account on their behalf. There are a few different ways to save for children, including savings accounts, bonds or Isas, and they all have different benefits and downsides. This guide will explain what a Junior Isa is – including how these accounts work, their main benefits are and which are currently some of the best: How we determine the best rates The best Junior cash Isas What is a Junior cash Isa? How many Junior Isas can I open? Junior cash Isa FAQs The Best Buy tables show the best savings rates widely available in the market. This means certain accounts are excluded, including those that are available only to local or existing customers. The data in the tables is provided by Savings Data Limited and is compiled using automated tracker tools and updates from savings providers. Savings Data Limited then manually checks the information and enters it into a database that feeds the live tables, which update daily. The savings accounts featured are protected by the Financial Services Compensation Scheme. The information in this article is intended for information purposes and should not be taken as endorsement or advice. Use the table below to explore your options for a Junior cash Isa. For more options to set up a nest egg for your children, don't miss our guide to the best children's savings accounts. If you want to continue helping your child to save after they've reached 18, check our guide to the best cash Isas, and best Lifetime Isas. A Junior Isa is a type of savings account that allows you to put away money for the long-term for a child, and – depending on whether you opt for a cash or investment account – any savings interest or growth is free from tax. Similar to an adult Isa, the amount you can save each year is capped. The limit for an adult Isa is £20,000, but the limit for a Junior Isa is much lower, at £9,000. Be aware this limit applies per tax year and not calendar year, so you will need to calculate your savings from April 6 to April 5. You can open a Junior Isa if your child is under 18 and lives in the UK. There are two types of Junior Isa available: cash, which will earn interest like a normal savings account, and stocks and shares, which allows you to invest the money. Parents or guardians will be responsible for the money in the account but it will not belong to them – it belongs to the child. The child can take control of the account when they turn 16, but the money cannot be withdrawn until they turn 18. Rachel Springall, finance expert at said: 'Savers can choose a cash interest option or stocks and shares, where the latter over the longer term is likely to outperform interest rates. 'Anyone who still has their cash saved in a Child Trust Fund would be wise to transfer it to a Junior Isa, because you can not hold both at the same time for a child. However, you can have a Junior cash Isa and Junior stocks and shares Isa, so long as the overall pot keeps within the annual limit of £9,000 across both as a total. 'Stocks and shares Junior Isas may be a more attractive alternative for savers who are prepared for a little risk and could outperform cash returns. As with any fund, growth is never a guarantee. 'As an alternative to Junior Isas, there are a few children's savings accounts which could be useful for parents to consider, but some do have certain eligibility criteria to meet. Some accounts only have a 12-month fixed term, where others are more flexible. This means parents need to take some time to navigate all the accounts to ensure it suits their needs.' You cannot open more than two Junior Isas for your child; one Junior cash Isa and one Junior stocks and shares Isa can be open at the same time, but no more. You can switch between the two types or transfer from one provider to another, but it's important to do so carefully to ensure you don't lose the tax-free status on the money. As savings accounts go, Junior cash Isas are a pretty good way to put money away for your child. There are a few downsides, however. The money is locked away until they are 18, meaning if they have financial difficulties, or simply want to put the money towards something else before that time, they won't be able to access the cash. Parents can't access the money they've paid in either. They are also restricted from investing the money, meaning that inflation could eat away at the value of the pot if it doesn't pay enough interest. Our inflation calculator demonstrates the effect inflation could have on your savings. Some parents may also consider it a downside that the child will have full control of the money when they turn 18. You can give advice about what they should do with it, but ultimately the choice is theirs. No, a Junior Isa can only be opened by parents or guardians on behalf of their child (if a grandparent is the child's legal guardian, then they will be able to open the account). However, anyone can pay into a Junior Isa on behalf of the child, and so they are a simple way of allowing the whole family – including grandparents – to save on a child's behalf. While it is no longer possible to open a Child Trust Fund, some children born at a certain time may still have one. They operate in a broadly similar way to a Junior Isa, in that they both allow either cash or stocks and shares, mature at 18, and have the same £9,000 annual limit, although a Child Trust Fund limit resets on the child's birthday. While a Junior Isa automatically becomes an adult Isa when the child turns 18, the child will need to choose how to access their matured trust fund. If you want to open a Junior Isa for your child with a trust fund, it might be a good idea to transfer the fund into the Isa. This would make it easier to stay on top of your contribution limits. No, parents cannot withdraw the money from a Junior Isa. The money belongs to the child. The only exception is if the child who owns the account dies or is declared terminally ill. The other type of Junior Isa operates in much the same way as the cash version. The only difference is you are able to invest the money saved within the account and any returns are free from tax. What you can invest in will differ between providers. Also be aware that, as with all investments, the value of your money can go down as well as up and so you should be comfortable investing for the long term. Given that the money cannot be accessed until your child turns 18 a Junior Isa is well suited to investing. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Best Junior cash Isas: Today's latest rates
The earlier you start saving for the future, the better, as the old adage goes. That is just as true for your children or grandchildren – and a Junior Isa can provide a good option. Of course, newborns and young children can't have a bank account of their own, but you can give them a head start financially by opening a savings account on their behalf. There are a few different ways to save for children, including savings accounts, bonds or Isas, and they all have different benefits and downsides. This guide will explain what a Junior Isa is – including how these accounts work, their main benefits are and which are currently some of the best: How we determine the best rates The best Junior cash Isas What is a Junior cash Isa? How many Junior Isas can I open? Junior cash Isa FAQs The Best Buy tables show the best savings rates widely available in the market. This means certain accounts are excluded, including those that are available only to local or existing customers. The data in the tables is provided by Savings Data Limited and is compiled using automated tracker tools and updates from savings providers. Savings Data Limited then manually checks the information and enters it into a database that feeds the live tables, which update daily. The savings accounts featured are protected by the Financial Services Compensation Scheme. The information in this article is intended for information purposes and should not be taken as endorsement or advice. Use the table below to explore your options for a Junior cash Isa. For more options to set up a nest egg for your children, don't miss our guide to the best children's savings accounts. If you want to continue helping your child to save after they've reached 18, check our guide to the best cash Isas, and best Lifetime Isas. A Junior Isa is a type of savings account that allows you to put away money for the long-term for a child, and – depending on whether you opt for a cash or investment account – any savings interest or growth is free from tax. Similar to an adult Isa, the amount you can save each year is capped. The limit for an adult Isa is £20,000, but the limit for a Junior Isa is much lower, at £9,000. Be aware this limit applies per tax year and not calendar year, so you will need to calculate your savings from April 6 to April 5. You can open a Junior Isa if your child is under 18 and lives in the UK. There are two types of Junior Isa available: cash, which will earn interest like a normal savings account, and stocks and shares, which allows you to invest the money. Parents or guardians will be responsible for the money in the account but it will not belong to them – it belongs to the child. The child can take control of the account when they turn 16, but the money cannot be withdrawn until they turn 18. Rachel Springall, finance expert at said: 'Savers can choose a cash interest option or stocks and shares, where the latter over the longer term is likely to outperform interest rates. 'Anyone who still has their cash saved in a Child Trust Fund would be wise to transfer it to a Junior Isa, because you can not hold both at the same time for a child. However, you can have a Junior cash Isa and Junior stocks and shares Isa, so long as the overall pot keeps within the annual limit of £9,000 across both as a total. 'Stocks and shares Junior Isas may be a more attractive alternative for savers who are prepared for a little risk and could outperform cash returns. As with any fund, growth is never a guarantee. 'As an alternative to Junior Isas, there are a few children's savings accounts which could be useful for parents to consider, but some do have certain eligibility criteria to meet. Some accounts only have a 12-month fixed term, where others are more flexible. This means parents need to take some time to navigate all the accounts to ensure it suits their needs.' You cannot open more than two Junior Isas for your child; one Junior cash Isa and one Junior stocks and shares Isa can be open at the same time, but no more. You can switch between the two types or transfer from one provider to another, but it's important to do so carefully to ensure you don't lose the tax-free status on the money. As savings accounts go, Junior cash Isas are a pretty good way to put money away for your child. There are a few downsides, however. The money is locked away until they are 18, meaning if they have financial difficulties, or simply want to put the money towards something else before that time, they won't be able to access the cash. Parents can't access the money they've paid in either. They are also restricted from investing the money, meaning that inflation could eat away at the value of the pot if it doesn't pay enough interest. Our inflation calculator demonstrates the effect inflation could have on your savings. Some parents may also consider it a downside that the child will have full control of the money when they turn 18. You can give advice about what they should do with it, but ultimately the choice is theirs. No, a Junior Isa can only be opened by parents or guardians on behalf of their child (if a grandparent is the child's legal guardian, then they will be able to open the account). However, anyone can pay into a Junior Isa on behalf of the child, and so they are a simple way of allowing the whole family – including grandparents – to save on a child's behalf. While it is no longer possible to open a Child Trust Fund, some children born at a certain time may still have one. They operate in a broadly similar way to a Junior Isa, in that they both allow either cash or stocks and shares, mature at 18, and have the same £9,000 annual limit, although a Child Trust Fund limit resets on the child's birthday. While a Junior Isa automatically becomes an adult Isa when the child turns 18, the child will need to choose how to access their matured trust fund. If you want to open a Junior Isa for your child with a trust fund, it might be a good idea to transfer the fund into the Isa. This would make it easier to stay on top of your contribution limits. No, parents cannot withdraw the money from a Junior Isa. The money belongs to the child. The only exception is if the child who owns the account dies or is declared terminally ill. The other type of Junior Isa operates in much the same way as the cash version. The only difference is you are able to invest the money saved within the account and any returns are free from tax. What you can invest in will differ between providers. Also be aware that, as with all investments, the value of your money can go down as well as up and so you should be comfortable investing for the long term. Given that the money cannot be accessed until your child turns 18 a Junior Isa is well suited to investing. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Best cash Isas: Today's latest rates
A cash Isa is similar to a savings account, but with a crucial difference – you don't pay tax on the interest you earn. It is one of four types of adult individual savings accounts (Isas) – the others are stocks and shares Isas, innovative finance Isas and lifetime Isas. You can save up to £20,000 per tax year, which is known as the Isa allowance. Your Isa allowance is renewed at the start of the tax year on April 6, and you cannot carry over any unused allowance from the previous year – if you don't use it, you lose it. You can either deposit this sum into one account or spread it across several, and you can transfer your Isa savings between providers if you want to take advantage of a better rate elsewhere. In this guide, Telegraph Money explains how cash Isas work, covering: How we determine the best rates The best cash Isas Expert opinion: Things to consider when choosing a cash Isa Why choose a cash Isa? Cash Isa FAQs The Best Buy tables below show the best savings rates widely available in the market. This means certain accounts are excluded, including those that are available only to local or existing customers. The data in these tables is provided by Savings Data Limited and is compiled using automated tracker tools and updates from savings providers. Savings Data Limited then manually checks the information and enters it into a database that feeds the live tables, which update daily. The savings accounts shown are protected by the Financial Services Compensation Scheme. The information in this article is intended for information purposes and should not be taken as endorsement or advice. Find the best cash Isa for you using the tables below. These accounts usually allow you to make as many deposits and withdrawals as you like – but this flexibility can come with lower rates. For the savings equivalent, you can see our guide to the best easy-access savings accounts. Accounts in the table below show the best Isa rates on the market for accounts that offer a variable rate of interest. While this could increase at any time – which can be valuable when rates are on an upward trend – it could also decrease. These accounts require you to give a certain amount of notice to your provider when you want to make a withdrawal, indicating the number of days you must wait until your money is released. You can usually make as many withdrawals as you like – but be sure to check the account terms first. If this way of saving suits you, make sure you check our guide to the best notice accounts. These types of Isas require you to lock your money away for a specified period of time. The rate of interest is guaranteed throughout this period, which can give you peace of mind should other rates take a tumble. For the savings account equivalent, which you might want to use if you've used up your Isa allowance, see our guide to the best fixed-rate bonds. For Isas suitable for children, see our guide to the best Junior cash Isas. And, if you're saving to buy a home or fund your retirement, don't miss our guide to the best lifetime Isas. Choosing the best cash Isa for you can be tricky, depending on why you're saving and how you want to save – but there should be options to suit everyone. Caitlyn Eastell, of analyst Moneyfactscompare, said: 'For savers that are more tax savvy, cash Isas may be the ideal option as you receive a £20,000 Isa allowance each year and can pay into multiple Isas within the same period providing this limit is not exceeded. Isas aren't too dissimilar to their traditional savings counterparts with easy access, notice, fixed and regular accounts being an option. 'It is worth considering that for the variable rate options, interest could increase or decrease over time, and those Isas that are fixed for an agreed term will either not allow earlier access or may deduct a certain amount of interest.' Cash Isas can also be an effective way of saving for the longer term. Mark Hicks, of Hargreaves Lansdown, said: 'Cash Isas have certainly seen a resurgence of late. Looking at what may be coming in Labour's Budget, and the rhetoric around higher taxes, cash Isas should be the first port of call for all savers at the moment. 'If you've got £20,000 or less, definitely go for a cash Isa first and ensure your money is protected from tax. If you're fortunate enough to have more than £20,000 to save in an Isa, then you can look at other saving accounts as well.' Cash Isas are beneficial for many savers as they offer an easy way to make sure your returns remain free from tax. Their popularity took a dip when the personal savings allowance (PSA) was introduced in 2016, as it means some savers can earn up to £1,000 in tax-free savings interest each tax year. When interest rates are low, only those with large savings pots or high incomes come into the scope of paying tax on savings interest. However, savings rates have been high for some time; until recently it was not uncommon to be earning 5pc. Someone with a £1,000 PSA could face a savings tax bill with £20,000 in savings – a problem that doesn't occur with a cash Isa. What's more, your growth is protected as it compounds for years into the future, which has helped some savers become Isa millionaires. The main issue that comes with a cash Isa is the £20,000 Isa limit on how much you can pay into it each tax year. If you want to move a large savings deposit in order to protect your returns from tax, it may need to be moved gradually over several years. In some cases, interest rates offered by cash Isas can be lower than their savings equivalent. Providers are well aware of the extra tax benefit Isas offer, and know they don't have to be as competitive with rates. It's important to shop around and find the most competitive rate you can – the tax-free benefits of an Isa will often outweigh the loss of a little interest. There is no limit to the number of cash Isas you can have – but it's a good idea not to have so many that you lose track of them. You can hold cash Isas you've paid into in past tax years, and – now that Isa rules have changed – you can also open and pay into as many as you like in the same tax year. The key thing is to make sure you don't pay in more than £20,000 across all Isas in the same tax year. Yes, you can combine Isas into one account – but in order to do this without affecting the tax status of the money, or your Isa allowance, you must move the cash via an Isa transfer. There are quite a few rules to bear in mind – you can find out more in our comprehensive guide to Isa transfers. This depends on the rate you're earning and the rate of inflation. At the time of writing, lots of cash Isas can beat inflation, but you increasingly need to shop around for them as rates continue to slide. It's a good idea to keep an eye on what's happening with inflation versus the best Isa rates so you can gauge whether or not you have a competitive deal. Our inflation calculator shows the effect rising prices can have on your savings. It's never too late to put money in an Isa to benefit from its tax-free status. However, you may miss the end of the tax year if you leave it too late to make a deposit. The annual Isa allowance resets at the start of a tax year on April 6, which means the 2025-26 allowance recently renewed. You can put all of this into one account, or split it among several. Mr Hicks said: 'Isas were typically seasonal, with a big spike in demand around the end of the tax year. They are much less timely now and every year the cash Isa season gets longer and longer.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
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Bank of England's PRA raises deposit thresholds for international banks
The Prudential Regulation Authority (PRA), part of the Bank of England, has announced updates to its regulatory framework for international banks operating in the UK. These changes clarify the PRA's expectations regarding the operations of branches, booking models, and liquidity reporting for these institutions. In a move to adapt to inflationary pressures, the PRA has raised the existing £100m ($133.7m) and £500m ($668.5m) thresholds for Financial Services Compensation Scheme (FSCS)-covered deposits by 30%. This adjustment is intended to provide international banks with greater capacity to expand their activities within UK branches. However, the PRA has also introduced a new indicative threshold of £300m ($401m) for total retail and small business instant access deposits. This measure aims to mitigate the risks associated with increased openness, particularly the potential for contagion. Should deposits exceed this threshold, international banks are generally expected to establish subsidiaries in the UK instead of operating as branches. This approach is designed to enhance the PRA's oversight and influence over these firms, reflecting insights gained from the recent collapse of Silicon Valley Bank. PRA CEO and Prudential Regulation Deputy Governor Sam Woods said: 'hese changes will maintain the UK's very open approach to international banking, while filling a gap we identified in our regime and increasing some thresholds to support competitiveness and growth. In July 2024, the PRA issued a policy statement outlining revisions to its supervisory framework for international banks in the UK. This follows the consultation, which examined the PRA's supervisory approach to branches and subsidiaries. The updates aim to strengthen the regulatory framework while ensuring continued access for international banks, acknowledging their importance to the UK economy. This follows PRA's proposal to raise the FSCS deposit protection limit from £85,000 ($109,944) to £110,000 ($142,281), aiming to enhance consumer confidence by ensuring deposits are protected in case of a bank, building society, or credit union failure. "Bank of England's PRA raises deposit thresholds for international banks" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
19-05-2025
- Business
- Daily Mail
Manager sacked after standing up with no pants on work video call claimed he was being racially discriminated against for being made to work on a bank holiday
A £60,000-a-year manager who was sacked after exposing his genitals during a work video call because he stood up with no pants on has had his case thrown out. The digital production manager for Financial Services Compensation Scheme (FSCS) was fired on January 30 last year after a disastrous virtual meeting in which he inadvertently flashed his colleagues. But the employee took the firm to a tribunal, claiming unfair dismissal as well as racial discrimination. His dismissal centred around a Microsoft Teams work call with a consultancy firm on May 8 2023 - which was a Bank Holiday because of King Charles III's Coronation. During the call, the manager stood up to adjust a cable behind his computer, but stunned his colleagues as he was wearing nothing from the waist down and his genitals were on show. A tribunal at London Central heard that an investigation was launched after a complaint was lodged by colleagues. After his line manager started a probe, the worker claimed: 'That was a bank holiday and l did not realise when l folded the laptop camera was on and pointing to the floor and then immediately shut down the camera so that don't know what was seen in the floor [sic].' The unnamed employee, who joined the FSCS in 2020, admitted he did not always 'wear full dress' at home and added: 'It is just an accident and apologies.' The manager argued that he was not culpable for what happened because the meeting took place on a Bank Holiday, adding: 'Expecting me to work during public holidays is a racial discrimination.' The tribunal heard that he holds dual Australian and British citizenship but he is Indian as he was born there. Sabah Carter, a senior figure at the FSCS, rejected the suggestion the dress code did not apply on public holidays. She found his actions had damaged the company's reputation and said he 'had not offered any reassurance that the incident wouldn't happen again'. And she noted he had 'not shown any remorse or apologised for his actions but rather sought to blame the external contractors on the call'. Ms Carter also pointed out his inconsistent evidence who initially admitted his genitals were visible before claiming he was wearing 'nude-coloured underwear'. As well as claiming unfair dismissal, he also claimed racial discrimination on over being passed over for a promotion. The employee said: 'The entire process and outcome is nothing but racial discrimination, mental harassment, unfair dismissal.' But the tribunal ruled that he had not been made to work on the bank holiday and had actually chosen to. 'Even if he were required to work inappropriately, that is no reason for appearing in a state of undress,' they noted. Although the panel accepted he had initially apologised for the incident, they found he later 'sought to obscure or deflect blame' and did not 'consistently show remorse'. The tribunal panel threw out all of his claims for unfair dismissal and racial discrimination. They concluded that his application for a promotion had been 'poor and failed to reveal sufficient relevant experience'. 'The position applied for was approximately twice the claimant's salary and FSCS was seeking relevant experience, particularly in heading departments,' they noted. Employment Judge Hodgson concluded: 'We find that the claimant chose not to wear either trousers or underwear... instead he deliberately chose to be naked from the waist down. 'This led to an obvious risk. If at any point he should need to stand, it was likely that he would reveal his genitals, if his camera was on. 'The claimant was an employee in a leadership role. He was dealing with external consultants. He should have realised that being naked was inappropriate, regardless of any policy. 'If he chose to wear no clothes from the waist down, he should have taken care to ensure that this fact did not become apparent. 'The claimant's action caused embarrassment to the employer and was inconsistent with his position and role.' Throwing out the claim, the judge said: 'All the claims of race discrimination fail. The claim of unfair dismissal is not well founded and is dismissed. The claim of wrongful dismissal fails and is dismissed.'
