Since its launch in 1999 the Cash ISA (Individual Savings Account) has been a very popular product for consumers looking to shelter their savings income away from the taxman. According to government statistics, at the end of the 2015/16 tax year the total market value of Cash ISAs was a mammoth £250.7 billion¹. Savers have […]
George Osborne’s sixth Budget as Chancellor was relatively light on incentives for savers and investors, but there were some highlights worth mentioning. These include a new “Lifetime” ISA for the under-40s, with the government paying an effective 25% interest on a maximum of £4,000 a year, and a rise in the annual standard ISA allowance to £20,000 from 2017.
Despite the increase in the cash ISA allowance there is a strong argument that as a savings vehicle they are almost redundant. Here are 2 reasons why: