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News Tag: Isas

November 1, 2012

Junior ISAs fail to take off

by Jan Harris
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 a contribution of up to £500 from the ...




January 6, 2012

Virgin Money introduces charge for current accounts

by Jan Harris
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 such as overdraft fees.” Her comment ...




June 29, 2010

Cash ISA transfers to speed up

by Kay Mitchell
”Cash
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 consumer group said savers are missing out on ...




June 13, 2010

Think tank urges savings reform

by Kay Mitchell
”Think
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. The Centre for Policy Studies is suggesting ...




June 9, 2010

Savers struggle to find decent rates

by David Masters
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 in the past week. Because of the low ...




April 14, 2010

Small, regular savings quickly add up

by David Masters
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 way to maintain a long-term investment strategy and ...




April 13, 2010

ISAs fuelled March savings increase

by David Masters
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 government policy is encouraging people to save. The building society ...




March 31, 2010

Consumer group calls for investigation into ISAs

by Kay Mitchell
”Consumer
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 were introduced to encourage Brits to ...




March 25, 2010

Savers waste £35m by ignoring ISAs

by David Masters
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 in the UK have a savings account but ...




March 24, 2010

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

by David Masters
Ethical ISAs 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 green and ethical stocks and shares ISAs. Hargreaves Lansdown was ...




March 17, 2010

Ethical investments could increase 1000% this year

by David Masters
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 allowance for more eco-friendly investments. The Co-operative's ...




Savers “disillusioned” with ISA returns

by David Masters
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 investors have changed their outlook because of the low interest rate environment. A similar number (72%) ...




February 17, 2010

ISAs continue to grow in popularity

by Kay Mitchell
”ISAs
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 grew to more than 14,000 in 2009. In ...




January 29, 2010

ISAs popular with older investors

by David Masters
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 compared to the same period the previous year, ...




October 8, 2009

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

by David Masters
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 benefit of the increase for basic rate tax payers will be just £4 in extra interest earned. "It ...




September 23, 2009

Over-50s unaware of ISA changes

by David Masters
”Over-50s
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 any changes happening at all. Saga said its research demonstrates ...




September 6, 2009

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

by David Masters
”Over
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 further 32% said they are unsure, and ...




August 6, 2009

N&P raises rates on bonds and ISAs

by David Masters
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 5.05% respectively. N&P also announced the launch of ...




July 26, 2009

Nationwide launches fixed-rate ISA bonds

by David Masters
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 their previous ISA allowances. The new ISAs are repackaged versions ...




June 5, 2009

Rates on top ISAs crumble

by David Masters
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, with both Halifax and First Direct withdrawing their ISA ...