Tag: tax free

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 A?3 billion in interest each year. The […]

ISA investors plan to use increased allowance

ISA investors plan 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 A?10,200. Three in five (59%) of these said they’ll be […]

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 […]

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 A?5,100 per year in their Cash ISA rather than A?3,600. Moneynet.co.uk calculated that the average […]

Savers encouraged to opt for an ISA as allowance rises today

Savers encouraged to opt for an ISA as allowance rises today

From today, the total Individual Savings Account (ISA) allowance for people over 50 will increase from A?7,200 to A?10,200. The A?3,000 increase, which was announced in this year’s Budget, is eligible to those born on or before 5 April 1960. For everyone else, the limit will rise from 6 April 2010. ISAs, which were launched […]

ISA-shy Brits waste A?144 million

ISA-shy Brits waste A?144 million

Brits are handing over A?144 million to the government in taxes they don’t need to pay by failing to put their savings in a tax-free account. Research by Unbiased.co.uk found A?109 million is being wasted by 6.2 million savers who don’t keep their savings in a tax-free cash ISA account. Some 1.7 million shareholders are […]

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 […]

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 […]

Leeds launches 4.6% fixed-rate ISA

Leeds launches 4.6% fixed-rate ISA

Leeds Building Society has launched a five-year fixed-rate cash ISA paying a market-leading interest rate of 4.6%. Customers can withdraw up to 25% of the amount invested at any time, without notice or penalty. The account can be opened with a minimum of A?1, and allows savers to transfer in their ISA balance from previous […]

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, […]

ISA limit increased to A?10,200

ISA limit increased to A?10,200

From April next year, savers will be able to earn tax-free interest on up to A?10,200 of savings following an increase to the ISA allowance. Chancellor Alistair Darling announced the change this week in his Budget speech, increasing both the cash savings and the investments limit from A?3,600 to A?5,100. Financial experts and high street […]

Isa allowance increase in budget gives savers hope

Isa allowance increase in budget gives savers hope

There has been welcome news for savers in the budget today as savers over the age of 50 will be given the opportunity to increase their tax free savings in their Isas, as the limit is to increase from A?7,200 to A?10,200. For those over 50, the change will happen from 6 October and for […]

Nationwide calls for ISA review in Budget

Nationwide calls for ISA review in Budget

Nationwide Building Society has called on the government to review its approach to tax-free savings accounts in today’s Budget report. The UK’s biggest building society said Chancellor Alistair Darling should seek to foster a savings habit among Brits in his Budget proposals later today by making individual savings accounts (ISAs) more flexible and easier to […]

Alliance & Leicester announces 3% fixed-rate ISA

Alliance & Leicester announces 3% fixed-rate ISA

Santander-owned Alliance & Leicester (A&L) has launched a new individual savings account (ISA) designed to attract customers who may have been put off saving by the current climate of low interest rates. The one-year fixed rate bond ISA pays interest at 3.00% tax free, with the account maturing on 1 May 2010. Minimum deposit is […]

Saga launches two new ISAs

Saga launches two new ISAs

Saga Personal Finance has announced plans to launch two new ISA products on 1 April, paying interest at up to 2.95% tax free/AER. The One Year Fixed Rate Cash ISA pays annual interest at 2.95% tax free/AER, whilst the Saga One Year Fixed Rate Monthly Interest ISA pays interest at 2.91% tax free or 2.95% […]

Leeds Building Society launches ‘market leading’ 3.5% ISA

Leeds Building Society launches ‘market leading’ 3.5% ISA

Leeds Building Society has launched a new range of fixed-rate individual savings accounts (ISAs) paying interest at up to 3.5%. The ISAs are available for 2, 3, or 5 years, and pay interest at 3.15%, 3.25%, and 3.5% respectively. According to Leeds, the top 3.5% rate is ‘a market leading offer’. All ISAs in the […]

Egg launches 2.5% ISA

Egg launches 2.5% ISA

Online savings provider Egg has launched a new individual savings account (ISA) paying interest at 2.50%. Minimum investment is A?1, whilst the maximum is the tax-free savings limit of A?3,600. Savings from existing ISAs cannot be transferred into the account. Egg’s ISA can be set up over the internet ‘in minutes’, and customers can keep […]

HSBC launches 3.1% fixed-rate ISA

HSBC launches 3.1% fixed-rate ISA

HSBC today launched a fixed-rate cash ISA paying interest at 3.1% for 12 months. The 3.1% rate is available to savers who pay the full ISA limit of A?3,600 into the account as an opening deposit. Funds from previous ISAs cannot be transferred into the account, but withdrawals can be made for a A?100 fee. […]

Halifax unveils 3% fixed-rate ISA

Halifax unveils 3% fixed-rate ISA

Halifax this week launched the ISA Direct Reward, a new individual savings account with interest guaranteed at 3.00% AER/Gross for the first 12 months. The ISA requires a minimum deposit of A?1,000, which must be maintained throughout the 12 month period. Unlimited deposits up to the A?3,600 tax-free allowance are allowed, but withdrawals are limited […]