Tag: Isas

Junior ISAs fail to take off

Junior ISAs fail to take off

A year has passed since the government replaced Child Trust Funds with Junior ISAs (JISAs) but more than half of parents are unaware that they exist, according to research by friendly society Family Investments Children born between 1 September 2002 and 2 January 2011 were eligible to open a Child Trust Fund and to receive […]

November 1, 2012 More
Virgin Money introduces charge for current accounts

Virgin Money introduces charge for current accounts

Virgin Money, the new owner of Northern Rock, is to begin charging all new customers for current accounts, even if the account remains in credit. Virgin Money’s chief executive Jayne-Anne Gadhia “Most people know there is no such thing as free banking. “Banks have to cover the cost of free current accounts with hidden charges […]

January 6, 2012 More
Cash ISA transfers to speed up

Cash ISA transfers to speed up

Following an investigation into Individual Savings Accounts (ISAs), savers with a cash ISA should find it quicker to switch their money to a different provider. The 90-day investigation, conducted by the Office of Fair Trading (OFT), came after Consumer Focus warned that cash ISAs are depriving savers of £3 billion in interest each year. The […]

June 29, 2010 More
Think tank urges savings reform

Think tank urges savings reform

A report by the Centre for Policy Studies think-tank has said the UK’s savings system needs to be reformed in order to encourage people to bank their money. According to the think tank, schemes need to be simplified if people are going to save as the current system is too complex with multiple tax regimes. […]

June 13, 2010 More
Savers struggle to find decent rates

Savers struggle to find decent rates

Savers are finding it increasingly difficult to get a good return on their money, and many are opting to pay off debt rather than keep their savings in a bank account, Moneynet.co.uk has claimed. Andrew Hagger, spokesperson for the price comparison site, said at least a dozen best-buy savings deals have disappeared from the market […]

June 9, 2010 More
Small, regular savings quickly add up

Small, regular savings quickly add up

Putting aside small amounts of money into a savings account quickly adds up, Fidelity International has claimed. The group calculated that saving £50 a month into a fund with 6% annual growth could add up to over £7,500 in ten years, and nearly £38,000 after 30 years. “A monthly investment plan can be a good […]

April 14, 2010 More
ISAs fuelled March savings increase

ISAs fuelled March savings increase

The Nationwide Savings Index saw a three-point uplift in March, fuelled by savers topping up their ISAs at the end of the tax year. February to May is typically the busiest time of year for ISA providers, and March is the busiest month within this ISA season. Nationwide said an improvement in the perception of […]

April 13, 2010 More
Consumer group calls for investigation into ISAs

Consumer group calls for investigation into ISAs

Consumer Focus has warned that cash ISAs are depriving savers of £3 billion in interest each year. The consumer group has made a complaint to the Office of Fair Trading (OFT) and is calling for an investigation into Individual Savings Accounts (ISAs). ISAs, which were launched a decade ago by then Chancellor, Gordon Brown, and […]

March 31, 2010 More
Savers waste £35m by ignoring ISAs

Savers waste £35m by ignoring ISAs

Savers are being urged to make full use of this year’s ISA allowance before the 5 April deadline. Unbiased.co.uk warned that Brits are set to unnecessarily spend £35 million on tax this year because they haven’t bothered to put their savings into an ISA. Research by the financial advice website found that 5.9 million adults […]

March 25, 2010 More
There’s no excuse: Ethical ISAs are easy to find

There’s no excuse: Ethical ISAs are easy to find

Smile and the Fair Investment Company have been named the best fund supermarkets for savers who want to invest in an ethical ISA. Both were given five star ratings in a mystery shopping exercise by National Ethical Investment Week (NEIW). NEIW found that the two fund supermarkets make it particularly easy for savers to find […]

March 24, 2010 More
Ethical investments could increase 1000% this year

Ethical investments could increase 1000% this year

Sustainable and ethical investments are expected to increase their share in the ISA market by more than 1000% this year, according to research by The Co-operative. Ethical investments currently have a 1% share of the ISA market, but The Co-operative predicts that this could increase thirteen-fold later this year as savers use their increased ISA […]

March 17, 2010 More
Savers “disillusioned” with ISA returns

Savers “disillusioned” with ISA returns

ISA investors are “disillusioned” with the returns they are receiving on their savings, Barclays claimed this week. The bank blamed the frustration on historically low interest rates. The 0.5% base rate has caused many investors to rethink their approach to the financial marketplace, Barclays said. Research by the bank found more than two-thirds (72%) of […]

ISAs continue to grow in popularity

ISAs continue to grow in popularity

Research by the Halifax has revealed the growing popularity of Individual Savings Accounts (ISAs). The Halifax, which is now part of the Lloyds Banking Group, said the number of accounts opened in the nine years to March 2009 surged by 53%. At the start of the millennium, there were 9,000 subscribed ISA accounts, but this […]

February 17, 2010 More
ISAs popular with older investors

ISAs popular with older investors

The government’s ISA allowance increase for savers over-50 has proved hugely popular, with older investors more than doubling their lump sum contributions into share-based ISAs, according to new research from Virgin Money. Income funds have proved the most popular, with contributions rising 130% in the three months from 6 October 2009 to 5 January 2010 […]

January 29, 2010 More
Moneynet slams government for ‘headline-grabbing’ with ISA increase

Moneynet slams government for ‘headline-grabbing’ with ISA increase

The increase in ISA allowances for the over-50s was simply a headline-grabbing attempt by the government that will have little effect on the finances of older savers, Moneynet.co.uk said this week. Since 6 October, over-50s have been allowed to save £5,100 per year in their Cash ISA rather than £3,600. Moneynet.co.uk calculated that the average […]

October 8, 2009 More
Over-50s unaware of ISA changes

Over-50s unaware of ISA changes

Older savers are being kept in the dark as to how much they will be able to invest tax-free when the ISA limit increases for over-50s next month. Research by Saga found just one in twenty of over-50s know what the new ISA limits will be. More than half of those polled were oblivious to […]

September 23, 2009 More
Over 50s plan to use £10,200 ISA allowance

Over 50s plan to use £10,200 ISA allowance

Nearly half of savers over 50 plan to make the most of their increased ISA allowance next month. From 6 October, the maximum ISA allowance for over 50s will increase from £7,200 to £10,200. A poll by Legal & General (L&G) found 44% of ISA investors over 50 plan to use the increased allowance. A […]

September 6, 2009 More
N&P raises rates on bonds and ISAs

N&P raises rates on bonds and ISAs

Norwich & Peterborough Building Society (N&P) this week announced plans to increase the interest rates on its ISAs and fixed rate bonds. Rates on its two and five year fixed rate ISAs increased to 3.05% and 4.55% respectively. Three and five year fixed rate bonds at the building society now pay up to 4.3% and […]

Nationwide launches fixed-rate ISA bonds

Nationwide launches fixed-rate ISA bonds

Nationwide has launched a new range of fixed-rate ISA bonds paying interest at up to 4.5%. The bonds are available for one year, three years, or five years, paying interest at 3%, 3.75% and 4.5% respectively. The ISAs can be opened with a minimum of £1, and savers can opt to transfer the balance from […]

Rates on top ISAs crumble

Rates on top ISAs crumble

Many top-paying ISA providers this week slashed the interest rates offered on their tax-free savings accounts. Price comparison site Moneynet said some providers have already reached their targets for ISA deposits during 2009-10, and have cut rates to keep away new customers. Some ISA providers have completely withdrawn accounts from potential new customers, Moneynet said, […]