Investing
Savers plough £5bn into New ISAs in July
Written By:
Your Money
Posted:
Updated:
05/12/2014
Almost £5bn flew into ISAs in the space of only a month as savers rushed to take advantage of new rules allowing them to save up to £15,000 tax free.
Figures from the British Bankers’ Association show that the £4.9bn deposited in ISAs in July was more than half the amount recorded this year, the Times reports.
The rush was driven by the introduction on July 1 of new ISAs, following changes in the Budget.
Chancellor George Osborne upped the amount of tax free money savers can squirrel away into an ISA – current or new – to £15,000.
They can use the full limit for either cash, investments or a mix of both – a change from the previous rules which only allowed half of the allowance to be held in cash.
