Saving for a rainy day (shoe fund)

Manolos, Choos, Blaniks, Louboutins... so many shoes not a big enough shoe fund.

Right - time to get savvy with your savings Busy Girl... make a buck or two & buy a shoe (or two)

Avoid the tax whack & get savings savvy with an ISA - here's our quick guide...

What's an ISA

Individual Savings Accounts (ISAs) are tax-free Savings accounts which means you don't have to declare any income or capital gains from them to the Taxman.

How much can you save in an ISA?

You can save up to £7,000 each financial year. However, only £3,000 of this can be cash - the rest has to be stocks or shares.

A financial year runs from 6th April until the 5th April the following year.

Can anyone have an ISA?

To open an ISA you must be 18 years old or over. However, if aged 16 and over you can open a Mini Cash ISA or the cash component of a Maxi ISA. You must be a UK resident for tax purposes.

Who's doing the best ISAs at the moment?

We would recommend you choose a monthly return ISA so you can easily see your money growing.

Easy Access ISAs - Best rates... (as of March 2008)

ING Direct 6.55%
Alliance & Leicester 6.25%
Icesave6.1%

ISAs do tend to be flexible return - meaning you're not guaranteed the same rate across the period of your investment. So, make sure you choose an account that you can easily remove your funds from, should you want to. And, keep an eye on how your money is moving up or down.

Good luck Busy Girls - have fun with you fund!

BGG xx