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While a high-yield savings account remains a solid choice to park your money, there are ways to reduce the tax burden on your interest earnings, potentially boosting your net cash savings. Here's a breakdown of some alternatives to consider based on various scenarios from Frank Remund. We looked at a High-Yield Savings Account Versus: - Short-term Treasuries - Money Market Funds - 1-Month Treasuries - Municipal Money Funds To make the most of your cash assets, get personalized advice from a Savvy Advisor today! https://lnkd.in/gCZjNWE9 #InvestmentStrategies #FinancialAdvice #MaximizeYourCash

Find the right balance between cash and investments. With interest rates higher than they have been for many years, it’s more likely some of the interest on your savings will be subject to tax, particularly if you’re a higher-rate taxpayer. You do have a few options, though. The Personal Savings Allowance (PSA) means you don’t have to pay tax on some of the interest you receive from your cash savings accounts. Your annual allowance is based on the rate at which you pay Income Tax. It’s still important to have an ‘emergency fund’ that you can access quickly. You should hold this in cash, as stocks and shares can lose value. But for longer-term goals, a Stocks & Shares ISA is worth considering, as there is more potential for long-term growth. The value of an investment may fall as well as rise. You may get back less than the amount invested. Equities do not provide the security of capital which is characteristic of a deposit with a bank or building society. The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances. Contact us to find out more: https://lnkd.in/eQGCyjX2 ☎️ 07915469451 Download our free guide here: https://lnkd.in/eQkRA6TD Greenwood Financial Advice Limited is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority). Greenwood Financial Advice is a trading name of Greenwood Financial Advice Limited. SJP Approved 23/1/2024 #GreenwoodFinancialAdvice #cashvsinvestments #interestrates #savingsandtax #higherratetaxpayer #personalsavingsallowance #income_tax #emergencyfund #cashsavings #longtermgrowth #stocksandsharesisa #investmentrisks #taxationawareness #financialplanning #savvysaving #investmentstrategies

Find the right balance between cash and investments. With interest rates higher than they have been for many years, it’s more likely some of the interest on your savings will be subject to tax, particularly if you’re a higher-rate taxpayer. You do have a few options, though. The Personal Savings Allowance (PSA) means you don’t have to pay tax on some of the interest you receive from your cash savings accounts. Your annual allowance is based on the rate at which you pay Income Tax. It’s still important to have an ‘emergency fund’ that you can access quickly. You should hold this in cash, as stocks and shares can lose value. But for longer-term goals, a Stocks & Shares ISA is worth considering, as there is more potential for long-term growth. The value of an investment may fall as well as rise. You may get back less than the amount invested. Equities do not provide the security of capital which is characteristic of a deposit with a bank or building society. The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances. Contact us for more information. 🌐https://lnkd.in/e9HF7kWx ✉️jamie.wilkinson@sjpp.co.uk ☎️ 07565 422522 J Wilkinson Financial Planning is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority). SJP Approved 5/4/2024 #JWilkinsonFinancialPlanning #cashvsinvestments #savingsandtax #personalsavingsallowance #emergencyfund #cashsavings #financialplanning

You are now able to put more money into your Tax-Free Savings Account. The contribution limit is set to $7,000 for 2024, up from $6,500 in 2023. Georgia Swan, Tax and Estate Planner, TD Wealth, joins Anthony Okolie to discuss how the limit gets calculated and how you can make the most of the TFSA benefits.

People will soon be able to put more money into their Tax-Free Savings Account. The contribution limit is set to rise to $7,000 for 2024, up from $6,500 in 2023. Georgia Swan, Tax and Estate Planner, TD Wealth, joins Anthony Okolie to discuss how the limit gets calculated and how you can make the most of the TFSA benefits.

People will soon be able to put more money into their Tax-Free Savings Account. The contribution limit is set to rise to $7,000 for 2024, up from $6,500 in 2023. Georgia Swan, Tax and Estate Planner, TD Wealth, joins Anthony Okolie to discuss how the limit gets calculated and how you can make the most of the TFSA benefits.

People will soon be able to put more money into their Tax-Free Savings Account. The contribution limit is set to rise to $7,000 for 2024, up from $6,500 in 2023. Georgia Swan, Tax and Estate Planner, TD Wealth, joins Anthony Okolie to discuss how the limit gets calculated and how you can make the most of the TFSA benefits.

People will soon be able to put more money into their Tax-Free Savings Account. The contribution limit is set to rise to $7,000 for 2024, up from $6,500 in 2023. Georgia Swan, Tax and Estate Planner, TD Wealth, joins Anthony Okolie to discuss how the limit gets calculated and how you can make the most of the TFSA benefits.

People will soon be able to put more money into their Tax-Free Savings Account. The contribution limit is set to rise to $7,000 for 2024, up from $6,500 in 2023. Georgia Swan, Tax and Estate Planner, TD Wealth, joins Anthony Okolie to discuss how the limit gets calculated and how you can make the most of the TFSA benefits.

People will soon be able to put more money into their Tax-Free Savings Account. The contribution limit is set to rise to $7,000 for 2024, up from $6,500 in 2023. Georgia Swan, Tax and Estate Planner, TD Wealth, joins Anthony Okolie to discuss how the limit gets calculated and how you can make the most of the TFSA benefits.