Save more into my Cash ISA?

Your first option is to allocate your remaining allowance into your Cash ISA. This is a great option for your short-term goals, easily accessible money for those unexpected costs, and your emergency fund of 36 months expenses.

However, if all of these bases are covered, the interest rate on a savings account may not be the best option for your long-term financial goals as investing historically offers better returns.

Keeping all your money in a savings account long-term also leaves your money exposed to inflation, eroding the purchasing power of your cash over time.

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Open a Stocks & Shares ISA?

If you're thinking about building your wealth to hit your long-term goals, a Stocks& Shares ISA might be a good option for your ISA allowance.

With a Chip Stocks & Shares ISA, you can select from a curated range of funds that cater to all risk levels. Historically, a long-term, diverse portfolio of investments typically outperform the interest of savings accounts.

You can still take advantage of all the benefits of your Cash ISA within your£20,000 annual limit, such as tax-free returns, and withdrawals and redeposits without affecting your allowance.

Already got a Cash ISA or Stocks & Shares ISA open? No problem. As of April2024, you can have multiple ISAs of the same type open.

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Manage your transfers and deposits seamlessly with Chip

Looking to bring your ISAs into one convenient place? With Chip, ISA transfers take just a few minutes to request and remember, you can also move your ISAs around without affecting your annual £20,000 allowance.

Head over to our Investments page in the Chip app to get started, and set up recurring deposits with ease. So, you can get back to the stuff that matters most, and Chip can look after your journey to a richer life.

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All the best,
Oliver

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When investing, your capital is at risk. The value of your investments can godown as well as up and you may get back less than your original investment.Chip does not offer financial advice and this should not be considered as a personal recommendation.

Seccl Custody Limited is the ISA Manager for the Chip Stocks and Shares ISA. A monthly or annual ChipX membership is required and fund management charges apply. ISA limits apply. Invest £20k per tax year. Chip does not provide tax advice or financial advice. Tax treatment depends on individual circumstances and may be subject to change in the future.

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