Cash ISA Allowance Increased for Over 50′s
Good news for the over 50′s!
As of today the Cash ISA Allowance has increased from the 2009/2010 amount of £3,600 to an even greater £5,100. If the ISA you opened in April 2009 has less than £5,100 in it, now is the time to top it up if you can. If you can’t afford the lump sum to make it happen, £380 a month between now and next April will also see you maxing it out nicely.
If you have a Stocks & Shares ISA, similarly your combined allowance is now £10,200 if you are over 50.
If you have not stumbled across Individual Savings Accounts before, or have a misguided aversion to risk and therefore avoided them altogether, you may like to read “A Guide to ISAs” that I posted yesterday (not that I’d planned that or anything…), just to make sure you know all the facts before discounting them altogether.
The Telegraph has also researched the 7 Ways an ISA can save you money.
In short, an ISA should be your first port of call for any savings you have.
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