News Tag: tax free
January 29, 2010
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, ...
ISAs popular with older investors
by David Masters
January 21, 2010
Making the effort to put your savings into a tax-free account is worth a mere 73p per month, according to research by Moneynet.co.uk.
The additional returns on a tax-free ISA compared to a standard savings account for a basic-rate tax payer are equivalent to just £8.72 per year on a £3,600 investment, the financial advice site found.
This figure increases to ...
ISAs worth a measly 73p in tax savings
by David Masters
October 8, 2009
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 ...
Moneynet slams government for ‘headline-grabbing’ with ISA increase
by David MastersThe 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 ...
October 6, 2009
From today, the total Individual Savings Account (ISA) allowance for people over 50 will increase from £7,200 to £10,200.
The £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 a decade ...
Savers encouraged to opt for an ISA as allowance rises today
by Kay Murchie
September 24, 2009
Brits are handing over £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 £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 wasting a further £35 million by not transferring their ...
ISA-shy Brits waste £144 million
by David Masters
September 23, 2009
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 ...
Over-50s unaware of ISA changes
by David Masters
August 6, 2009
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 ...
N&P raises rates on bonds and ISAs
by David Masters
Leeds launches 4.6% fixed-rate ISA
by David Masters
June 5, 2009
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 ...
Rates on top ISAs crumble
by David Masters
April 24, 2009
From April next year, savers will be able to earn tax-free interest on up to £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 £3,600 to £5,100. Financial experts and high street banks welcomed the move, although some commentators sneered at the measure as far too cautious and unlikely ...
ISA limit increased to £10,200
by David MastersFrom April next year, savers will be able to earn tax-free interest on up to £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 £3,600 to £5,100. Financial experts and high street banks welcomed the move, although some commentators sneered at the measure as far too cautious and unlikely ...
April 22, 2009
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 £7,200 to £10,200.
For those over 50, the change will happen from 6 October and for all other savers from April ...
Isa allowance increase in budget gives savers hope
by Peter Charalambous
Nationwide calls for ISA review in Budget
by David Masters
April 6, 2009
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 £500, and transfers from existing ISAs are ...
Alliance & Leicester announces 3% fixed-rate ISA
by David Masters
March 27, 2009
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% AER.
Minimum deposit for both accounts is £1, and ...
Saga launches two new ISAs
by David Masters
March 20, 2009
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 new range allow transfer from previous years' ISA subscriptions.
Customers ...
Leeds Building Society launches ‘market leading’ 3.5% ISA
by David Masters
March 16, 2009
Online savings provider Egg has launched a new individual savings account (ISA) paying interest at 2.50%. Minimum investment is £1, whilst the maximum is the tax-free savings limit of £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 track of their money using Egg's internet and telephone banking services. Dean Proctor, Egg's head of savings and investments, ...
Egg launches 2.5% ISA
by David MastersOnline savings provider Egg has launched a new individual savings account (ISA) paying interest at 2.50%. Minimum investment is £1, whilst the maximum is the tax-free savings limit of £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 track of their money using Egg's internet and telephone banking services. Dean Proctor, Egg's head of savings and investments, ...
March 9, 2009
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 £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 £100 fee.
Richard Brown, HSBC head of savings, said "In the current ...
HSBC launches 3.1% fixed-rate ISA
by David Masters
February 25, 2009
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 £1,000, which must be maintained throughout the 12 month period.
Unlimited deposits up to the £3,600 tax-free allowance are allowed, but withdrawals are limited to four in the first year.
Customers can open the ...
Halifax unveils 3% fixed-rate ISA
by David Masters
Chelsea improves its ISAs
by David Masters
February 19, 2009
Lloyds TSB has launched a new fixed-rate individual savings account (ISA), offering up to 3.20% tax free interest.
The ISA is available from this week, and Lloyds guarantees the interest rate for 12 months from the date of account opening.
Accounts can be opened with a minimum deposit of £3,000, and transfers from previous tax years are accepted.
The top rate of interest is paid to ...
Lloyds launches fixed-rate ISA
by David Masters
