Setting the level of priority for savings to investments, pensions, and savings accounts
Savings Order is a preference used to set which types of accounts receive priority when multiple contributions are set to occur in a given years. Accounts might compete for a finite amount of money that can be deposited. In such a case, should a planned deposit to a tax free account (an ISA) take precedence over planned contributions to taxable accounts (savings or an unwrapped investment).
Taxable accounts include:
- Current and Savings Accounts
- Unwrapped Investments
- Enterprise Investment Schemes
- Other Trusts
- Offshore Taxable
Tax Free accounts include:
- ISAs**
- Venture Capital Trusts
- Enterprise Investment Schemes
- Charitable Trusts
- National Savings Certificates
Tax Deferred accounts include:
- Money Purchases**
- Onshore / Offshore Life Funds (Bonds)**
**Contributions to ISAs and money purchases are subject to contribution limits.
To view and possibly reset the savings order, go to Preferences (the cog icon top-left) > Plan Preferences (to the right side of the screen) > expand the Savings Order panel.
You can change this order of preference by selecting a category in the list and use the arrow buttons to move it up or down in the order of preference. The category of account at the top of the list receives top priority.
You can further specify by clicking the "Add" button and selecting from one of 20 account types and placing accordingly in the Savings Order list.
