Our love affair with ISAs continues

two red balloonsNew figures reveal that that our love affair with ISAs continues, despite low interest rates, which show no sign of increasing anytime soon. The figures, published by HMRC, show that: The number of ISAs taken out in the 2015/16 tax year fell slightly, to 12.7 million, down from 13 million in the year before However, the average amount saved or invested into ISAs rose by 5% to £6,338; only 9% of people subscribed the maximum amount In total £80 billion was salted away into ISAs in the last tax-year ...

Savings: Brexit to trigger nightmare scenario?

frightened couple at homeSince the EU Referendum result was announced, much of the focus has been on the reaction of the world’s stock markets. So far, despite a brief period immediately following the vote to leave the EU, the markets have been relatively benign. However, the effect on savers of the decision to leave has received less attention, but there are worrying signs that this group of people could suffer as a result in the months and years to come. Existing problems Since the financial crisis of 2008, savers have had to put ...

Tax-free savings, are you in the dark? 90% are!

90% percentage rate icon on a white backgroundAs we move into the new tax-year, research has shown that most savers are unaware of the new way savings are taxed. From 6th April, the new Personal Savings Allowance will mean savers pay less tax on the interest they receive on their savings. However, new research by AA Financial Services, has revealed that 90% of savers are unaware of the new arrangements and therefore could be paying too much tax. Are you in the dark? Here’s everything you need to know. How does the Personal Savings Allowance ...

Savings: ISA deals “worst on record”

Worker with percentage symbolsNew research has shown that savers are heading for “perhaps the worst ISA season on record.” Savers are now well used to poor interest rates on their deposit accounts and Cash ISAs (Individual Savings Accounts), however a new factor seem to be making things worse. As we head to the end of the tax-year and into what is traditionally known as ‘ISA season’, savers would usually expect to see interest rates on Cash ISAs tick upwards, as banks and building societies compete for savers cash. Not this year. Research from Moneyfacts ...