skip to main content
19th
Nov 2013
/

British Banks Call For 100% Increase in Cash ISA Allowance

The chancellor should raise the tax-free savings allowance, according to the British Bankers' Association (BBA)*, as this may encourage more people to save. Currently, each eligible person gets an ISA allowance of £11,520 a year - up to half of which can be saved in cash. However, the BBA has suggested a change in the rules in order to permit people to put their entire allowance into a cash ISA.

Call for flexibility

The BBA also called on the Chancellor to alter the existing prohibition on savers transferring funds from investment ISAs to cash ISAs as this would "support those savers running down their assets to manage investment risk as they approach retirement."

Lifetime ISA limits an unpopular prospect

The BBA also opposed the idea that the Government may impose a limit on lifetime ISA contributions, arguing that: "Any plans to limit the amount that savers can hold in these tax-free accounts risks damaging the ISA brand which has been carefully nurtured as a key part of the UK's long term savings planning."

The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

* Source: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10456134/Help-to-Buy-will-distort-housing-market-warn-bank-chiefs.html

High Income ISAs

High income ISA ideas:

ISAs Products

Cash ISAs

Fixed Rate & Instant Access ISAs:

Cash ISAs: 

Stocks & Shares ISAs

Types of Stocks and Shares ISA include: 

Stocks and Shares ISAs

Latest News

How much can I pay into an ISA?

21st March 2019

Each tax year, there's a limit set by the government to the amount you can save and invest in ISAs: your “annual ISA allowance”. The allowances are intended to reward savers and encourage us to invest more to support our future retirements, without creating a tax haven that can be taken advantage of by very wealthy individuals who just want to avoid paying tax.

Newsletter Signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

About us

ISA.co.uk is a trading style of Fair Investment Company.

We've been comparing and recommending ISAs for many years so you can trust you're in good hands.

About us

4.91 Average

22 Reviews

Jen

I found the way the different options are presented very clear - much more useful than some other comparison sites. I sent it to my daughter as well.

Paul

Very informative, find myself a good ISA account with best return in terms of interest.

Sue

Easy to use website and up to date. Saved the link on my tablet.