Following the Autumn Statement on the 5th December 2013, the Junior ISA and ISA (Individual Savings Account) savings plans received a boost in terms of how much you can save tax-efficiently for yourself, or your children.

The annual savings limit for a stocks & shares ISA has increased from £11,520 a year, to £11,880 a year for the 2014-2015 tax-year, whilst the Junior ISA and Child Trust Fund limit has received a similar boost in terms of a rise from £3,720 to £3,840. The announcement was welcome news for savers, as the rise of around 3% means that those saving for either themselves or their child in a long-term capacity will be able to take advantage of a higher level of tax-efficient savings.

Shepherds Friendly offer both a Junior ISA and a regular adults Stocks & Shares ISA, which will both be positively affected by the rise in allowance, meaning that you can take advantage of this savings boost by opening one of these accounts with Shepherds, providing you don’t have another ISA the same type as Shepherds Friendly with another provider. However, you can if you wish, transfer your ISA from another provider to Shepherds Friendly.

The Shepherds ISA and Junior ISA are flexible tax-exempt savings plans that allow you to save via monthly premiums or in lump sums whenever it suits you. The adult ISA allows savings from as little as £30 a month and the Junior ISA from £10 a month. You can also add to your ISA or Junior ISA with a lump-sum providing you don’t exceed the annual ISA limit.

All of Shepherds savings plans are investment based, meaning that any growth achieved via the annual bonus is subject to the performance of the fund. Depending on how well the fund performs these accounts are subjected to an annual bonus, meaning it’s possible that your savings account will grow in value. Annual bonuses are distributed to our members from any profits arising from said investments.

If you were interested in investing into an ISA for yourself or a Junior ISA for you children then you can do so by clicking here to find out more, or by calling 0800 526 249.

All references to taxation are to UK taxation and are based on Shepherds Friendly Society’s understanding of current legislation and HM Revenue and Customs which may change in the future. Investment growth is by means of bonuses, the amount of which cannot be guaranteed throughout the term of the contract. Please ensure that you read the full Terms and Conditions of this plan which are available from your financial adviser or by contacting us directly.

The Shepherds ISA may return you less than you have invested. It is intended to produce growth over the long term. It is different from deposit accounts, which typically provide instant or easier access to your money. If you have a need to access your money you should always consider holding sufficient funds in a deposit type account.