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Savers set to benefit as ISA season starts early

Savers set to benefit as ISA season starts early

Category: Savings

Updated: 22/01/2010
First Published: 22/01/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Savers look set to be the big winners after it was revealed the annual provider scrum for their ISA money had started early this year.

Aldermore, Birmingham Midshires, Leeds Building Society, Manchester Building Society, Newcastle Building Society and the Post Office have all unveiled new ISA propositions over the past seven days, according to research from Moneyfacts.co.uk.

With the deadline for savers to make use of their 2009/10 tax free allowance still ten weeks away (5 April 2010), it seems some providers are attempting to steal a march on their competitors.

"In previous years, it is usually mid February before the ISA season gets underway," said Darren Cook, spokesperson at Moneyfacts.co.uk.

"However, if providers are willing to show their hand at this early stage, it should mean that the competition between them will intensify further as the deadline approaches.

"If this happens, then the interest rates available on ISAs can be expected to rise too."

Savers over the age of 50 have this year seen their ISA limit rise from £7,200 to £10,200, of which up to £5,100 can be saved in a cash ISA.

The new limit will be applied to everyone from 6 April 2010.

Find the best savings accounts for you - Compare cash ISAs

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 Any products featured may be withdrawn by their provider or changed at any time.

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