Have you joined the ISA rush? - Savings - News - Moneyfacts


Have you joined the ISA rush?

Have you joined the ISA rush?

Category: Savings

Updated: 21/05/2010
First Published: 21/05/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The new and improved ISA contribution limits have helped push the popularity of the tax free savings vehicles to new heights, new research has revealed.

More than a quarter (28%) of all searches conducted by savers on Moneyfacts.co.uk during April were for cash ISAs, while a similar amount of people (29%) searched for products allowing ISA transfers.

The most searched for savings products from the previous month, fixed rate savings accounts, attracted around 22% of consumer searches.

Since 6 April this year, anyone wanting to save into an ISA has been able to invest the new maximum of £10,200 tax free, £5,100 of which can be placed in a cash ISA.

Amongst the leading fixed rate ISA deals currently available through high street banks is a one year deal from Northern Rock paying 3.00%.

"Given their tax free status, an ISA really should be the first port of call for any discerning saver," said Michelle Slade, spokesperson at Moneyfacts.co.uk.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.

Number of savings accounts falls to record low

As if the continued drop in savings rates wasn’t bad enough, our latest research reveals another blow to already hard-pressed savers, with the number of accounts available having fallen to a record low.