71% plan to use new ISA allowance

Published on 1 January 1970 by Raffick Marday

Whilst many banks are offering low rates of interest on savings accounts, new rules on ISA allowances have encouraged many to take full advantage.

71 per cent of ISA savers are planning on making the most of the change, by putting more money into the tax free savings account.

The new tax year – beginning next week – will allow users to save up to £10,200, of which up to £5,100 can be saved in cash. Based on the Chancellor's two per cent inflation forecast for next year, the ISA limit may rise by a further £1,000 within five years.

The move to raise the allowance has been welcomed by the Investment Management Association, which says should remain a key savings vehicle.

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