Cash Management

In the current environment of historically low rates, efficient cash management can be an effective planning tool that is often overlooked.

Personal Savings Allowance

Savings interest is paid tax-free and most will not pay any tax on it at all. Basic-rate taxpayers can earn £1,000 per annum tax-free and higher-rate tax payers £500, so it is only those with much larger amounts of savings who would need to worry about this.

Financial Services Compensation Scheme (FSCS) protection​

As long as the bank institution you use is fully regulated in the UK, you get up to £85,000 of your money protected in the event of the bank going bust. It is important that you look to manage this effectively so you are not putting your cash at unnecessary risk.

Emergency Cash

We always recommend that individuals hold at least six months worth of expenditure in cash in an instant access account. This avoids being caught short in the event of a sudden need for cash; this could be for unforeseen expenditure or income shock.

Nothing contained in this article constitutes or should be construed to constitute investment, legal, tax or other advice. The information contained in this article shall in no way be construed to constitute a recommendation with respect to the purchase or sale of any investment.