In today's world, it's more important than ever to take control of your financial future. One way to achieve this is by making the most of your ISA (Individual Savings Account) allowance. As Ken and Mary from The Humble Penny remind us, "Wealth gained hastily will dwindle, but whoever gathers little by little will increase it" (Proverbs 13:11). With this in mind, let's explore some useful tips and strategies for boosting your ISA savings. Consider a Lifetime ISA If you're under the age of 40, a Lifetime ISA can be an excellent option for either buying your first home or saving for retirement. By contributing up to 4,000 a year, you'll receive a 1,000 boost from the government. This still leaves you with 16,000 of your annual 20,000 ISA allowance to utilize for cash or stocks and shares ISAs. Utilize the Bed and ISA Process To optimize your ISA allowances, transfer investments from outside your ISA using a process known as "Bed and ISA." This will help ensure that capital gains and dividends remain untaxed within the government-sanctioned ISA scheme. As Ken and Mary suggest, simply ask your investment provider about Bed and ISA to learn more about how you can benefit from this process.

Wealth gained hastily will dwindle, but whoever gathers little by little will increase it" Proverbs 13:11

Transfer Old Cash ISAs Internally When moving ISAs, avoid taking cash out of the old account and manually adding it into the new one - this consumes your allowance. Instead, use the internal ISA transfer system for an easier, quicker method that doesn't eat into your existing allowance. Seek Out the Best Cash ISA Rates While interest rates for cash ISAs have been rising, they still lag behind inflation rates. However, it's still essential to seek out the best return on your investment, especially for short-term savings. Currently, the best easy access cash ISAs are offering just over 3% interest, while one or two-year fixed-rate cash ISAs are paying nearly 4%. Take Advantage of Cash Back Offers Some ISAs provide cash back incentives for opening an account or making regular contributions. These offers can help give your savings an extra boost, so be sure to search for "cash ISA cash back" on Google to find the best deals. Listen to the full breakdown here: [audio mp3="https://premiergospel.org.uk/wp-content/uploads/2023/03/PG-Feature-GB-Money-Matters-Mar-20th-2023-.mp3"][/audio]     By following these tips, The Humble Penny say you can make the most of your ISA allowance and set yourself up for financial success. Remember that you don't have to use up the entire 20,000 allowance before the tax year ends on April 5th, but it's essential to utilize as much of it as possible. As Ken and Mary emphasize, staying diligent in saving and investing is the key to long-term financial growth and stability. Catch The Humble Penny every Tuesday from 8pm on the Gospel Breakfast Show. Written by Cassandra Maria