Chancellor raises limit on ISA savings accounts
22 April 2009 15:29:00
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| ISA limit raised to £10,200 in Budget. |
Annual limits on ISA savings accounts will be raised to £10,200, chancellor Alistair Darling announced in the government's Budget earlier today.
The new threshold will be implemented later this year for consumers aged 50 and over and in 2010-11 for younger savers.
Up to £5,100 of the quota can now be saved in cash.
Flavia Palacios Umana, head of Halifax Savings products, said: "Today's decision to increase ISA allowances will be welcome news to savers who have seen their returns reduced significantly following a succession of base rate cuts.
"Now is a challenging time for savers, especially for pensioners who rely on returns to supplement their monthly income, and we are fully behind this move by the chancellor to help savers make more of their money in this historic low rate environment."
Nationwide Building Society also welcomed the change, but said the chancellor could have done more to help savers.
The current ISA threshold stands at £7,200 a year.
Related Blog articles: 'New ISA allowance for 2009 to 2010'
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