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News Tag: ISA

November 5, 2012

NS&I reduces Isa interest rate to 2.25%

by Jan Harris
NS&I reduces Isa interest rate to 2.25%
National Savings & Investments (NS&I) has reduced the interest rate on its tax-free cash Isa from 2.5% to 2.25, affecting 320,000 savers. The cut follows a review of the market which identified a trend for rates to be cut on similar products. The cut by NS&I, which is the first it has made since 2009, takes effect immediately. In a ...




April 23, 2012

ISA savings rise while pension contributions fall

by Jan Harris
ISA savings rise while pension contributions fall
While Individual Savings Accounts (ISAs) are growing in popularity, pension contributions continue to decline, prompting the Institute of Directors (IoD)to call for the government to take action on savings. According to data compiled by the IoD in association with Lucida, the amount paid into ISAs increased from £35.7 billion in 2007, to £43.9 billion in 2009/10. In the 2011/12 tax year, ...




April 3, 2012

ISA nest eggs growing in value

by Jan Harris
ISA nest eggs growing in value
UK savers are putting more into their ISAs, with the average balance growing by 14 per cent to £8,949 over the year to January 2012, according to new research by the Halifax. The national average ISA balance has been on an upward trend since February 2009, when it stood at £7,269, with the 2011 figure representing an increase of 23 per cent ...




March 28, 2012

Interest gap narrows between ISAs and standard accounts

by Jan Harris
Interest narrows between ISAs and standard accounts
There are just a few days left for savers to use their Isa allowance for the current tax year, which ends on 5 April. However, savers who miss out on this year’s allowance may get almost as good a deal from an ordinary savings account according to new research by consumer group Which? Isas have traditionally offered a higher rate of ...




March 15, 2012

93% of ISAs transferred within 15 days

by Jan Harris
93% of ISAs transferred within 15 days
Many savers will be planning to transfer their cash Isa, to take advantage of new deals appearing prior to the start of the higher Isa allowance on 6 April. They will be pleased to hear that there has been a significant improvement in the time taken to complete a transfer. Isa’s often offer an introductory interest rate which can plummet after a year, ...




March 2, 2012

Metro Bank launches online ISA service

by Jan Harris
Metro Bank launches online ISA service
London-based Metro Bank is partnering with Australian online banking solutions provider Sandstone to create an online application platform for Individual Savings Accounts (ISAs). CallCredit will provide verification and credit checking data for the new service, which will be available in time for consumers to take advantage of the new Isa allowance, starting in April. This tax year, anyone over the ...




March 1, 2012

£182bn of tax-free savings unused

by Jan Harris
£182bn of tax-free savings unused
More than three quarters of savers are unaware that everyone aged 16 and over is allowed to put £5,340 into cash ISA this year, according to research from uSwitch. Only half of savers are planning to put any money at all into a cash ISA, and just a quarter are using their total allowance, the price comparison and switching website says. On average, ...




December 12, 2011

AA instant-access account offers 3.2% interest

by Jan Harris
AA instant-access account offers 3.2% interest
The AA has launched an online, instant-access account paying 3.2 per cent interest before tax, which is currently the highest rate available for people who need immediate access to their money. The account will offer some protection from the rising cost of living, without having to worry about tying up savings for a long period. Issue 5 of the AA’s Internet ...




December 6, 2011

Post Office boosts savings products

by Jan Harris
Post Office boosts savings products
The Post Office has extended its promise to match the Bank of England Base Rate percentage changes on its savings products, until 1 January 2013. The promise, which was originally planned to run until 31 March 2012, covers the Post Office’s Instant Saver, Reward Saver, Cash ISA and Easy Saver accounts. The Post Office has also announced unlimited free withdrawals from Instant Saver ...




ISA top-up announced by Treasury

by Jan Harris
ISA top-up announced by Treasury
The Treasury has announced plans to change ISA top-up rules to help strengthen consumer confidence in the security of the product. Currently, ISA investors who lose their savings due to the collapse of a financial firm are unable to refill their annual allowance. Any savings lost as a result of a firm failing are still counted as part of the amount that ...




November 7, 2011

Halifax and Nationwide launch new ISAs

by Jan Harris
Halifax and Nationwide launch new ISAs
Halifax has improved its ISA offering with a better return on its five year fixed rate product. The ISA now pays 4.4 per cent, strengthening its position as the market leading long term fixed rate ISA. The product is an excellent option for savers who do not mind their savings being tied up for the five-year period. However, savers wishing to make ...




Nationwide ‘On Your Side’ with credit card reward scheme

by Jan Harris
Nationwide ‘On Your Side’ with credit card reward scheme
As part of its ‘On Your Side’ campaign Nationwide Building Society has launched a credit card reward scheme which should make shopping more enjoyable for its customers. The scheme, which is available to the building society’s Visa debit and credit card customers, is designed to help their money go further. It offers discounts at several leading retailers, with the ...




October 14, 2010

ISA allowance to increase next year

by Kay Mitchell
”ISA
It is understood that the amount of money people can save into an Individual Savings Account (ISA) will increase by £470 next year. From April 2011, the annual tax-free savings allowance will rise from £10,200 to £10,670, while the amount for a cash ISA will rise from £5,100 to £5,335. The rise is in accordance with the announcement made in the Budget and ...




June 23, 2010

Big Society ISA could boost social enterprise

by David Masters
Big Society ISA could boost social enterprise
Savers could use their ISA funds to invest in social enterprise under the government's plans for a Big Society Bank. Money invested in the Big Society ISAs would be used to build new schools, to rehabilitate criminals, and for other socially useful projects. The ISAs would provide a way for social enterprises to raise capital. Lord Wei, the thinker behind the ISAs and ...




May 6, 2010

Offset mortgages outdo Isa returns

by Gill Montia
”Offset
first direct is advising homeowners that using savings to offset their mortgage could leave them better off than investing in an Isa. Research from the lender shows that over the past 10 years, putting money into an offset product could have produced a better return than investing in the tax-free Isa, with the difference amounting to as much as £3,306. Offset mortgages ...




April 7, 2010

ISA investors plan to use increased allowance

by David Masters
ISA investors to use increased allowance
Over two thirds of ISA investors are planning to take advantage of the increased ISA allowance as the new tax year begins this week. Research by Barclays Stockbrokers found 71% of ISA investors will be topping up their ISA by the new maximum allowance of £10,200. Three in five (59%) of these said they'll be taking advantage of the increased allowance to protect ...




April 5, 2010

Leeds launches 4.6% ISA for new tax year

by David Masters
Leeds launches 4.6% ISA for new tax year
Leeds Building Society this week launched an ISA paying interest at 4.6%. The five-year fixed rate account can be opened with just £1. Savers can access up to 25% of their savings at any time without notice or penalty. Kim Rebecchi, Leeds Building Society's Sales and Marketing Director said the ISA is a "market leading offer", adding that the flexibility of access ...




March 29, 2010

Nationwide announces 4.25% ISA

by David Masters
Nationwide announces 4.25% ISA
Nationwide Building Society has launched a new four year fixed-rate ISA paying interest at 4.25%. The ISA can be opened with a minimum balance of £1, and transfers from previous ISA savings are accepted. Nationwide also announced that its three year fixed-rate ISA paying interest at 4.15% will now only be available to existing Nationwide customers whose current fixed-rate ISAs are due to mature. "The three ...




March 26, 2010

Linking ISA limits to inflation a “token gesture”

by David Masters
Chancellor Alistair Darling's plans to automatically increase ISA limits in line with inflation are merely a "token gesture", according to one industry expert. Andrew Hagger of financial advice site Moneynet said the new measures will cost banks more money to implement than the potential benefits for savers. "This is a token gesture that is likely to cost providers more to administer than it will actually deliver to beleaguered savers," ...




March 9, 2010

Top ISA deal pays 3.5%

by David Masters
Top ISA deal pays 3.5%
Santander's ISA has been rated top in Moneynet.co.uk's best buy charts. The ISA, paying 3.5%, pipped Barclay's offering to the top spot. Both Barclays and Santander are paying high rates than the best one-year fixed-rate ISAs. "The Isa market is really taking shape as we approach the annual hot bed of activity as providers look to lure savers yet to make their move in the ...