Lost as to what's going on with ISAs and New ISAs? Worry not.

If I had money to save, I might use an ISA.

I did, once. Have money that is. And an ISA, I think. Back in the those heady days when we had one child and two salaries. *deep sigh*. It’s been quite a while since I’ve had to worry about saving or investment options, which probably explains why I can’t remember whether I had one or not!

Anyway, in the most recent budget, the Chancellor, George Osborne, announced that ISAs are going to become New ISAs. Or NISAs if you prefer. And if that all means as little to you as it does to me, you’ll be pleased to hear that it’s easy to find out more. You can pop over to Scottish Friendly for a quick breakdown of changes or even watch the video they’ve produced.

I think the gist of it is that you can invest or save more money tax free, and you can move it between stocks and shares and cash easier. And if you already have an ISA it will as if by magic convert itself to a NISA later this year. But instead of relying on me, you could watch the Scottish Friendly video I mentioned, explaining it all in everyday words. For your ease and convenience, you can find it right here.

http://youtu.be/uJK6FnSAX3g

So, what do you reckon, did that answer all your ISA, sorry, New ISA questions? (Apart from the thorny one of where to get the money from to invest in the first place? Sorry, I don’t think we can help with that bit. But if you come up with any great money making schemes so that I can investigate New ISAs more thoroughly on your behalf, do feel free to let me know.)

Disclosure: this has been a sponsored post in collaboration with Scottish Friendly. Image supplied by them.