News
Have cash ISA savers hit ‘breaking point’?
The research was based on a poll of 2,090 UK adults, of which 978 owned a Cash ISA. Indeed in a further warning shot to cash ISA providers, some 24% of those with the tax wrapper said they were interested in opening a new Innovative Finance Isa (IFISA).
According to RateSetter those who switch could see an increase in the annual return from £224 to £540 for those who use up the full tax free allowance of £15,240. For those who make the average Isa investment of £5,924, the annual return would be boosted from £87 to £210.
However the research also revealed that only half of those with cash ISAs have never heard of the IFISA.
Rhydian Lewis, co-founder and CEO of RateSetter, says that the survey reveals that savers are reaching “breaking point”.
“The launch of new IFISA’s in April 2016 will put a welcome option on the table,” Lewis says. “With the majority of cash ISA holders identifying interest rates as a priority, this will give them the opportunity to increase their returns.
“We urge savers to think ‘What IF’ when it comes to taking out an ISA next year.”
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Everything you need to know about the pension triple lock
Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.