PRN: New Tax Year, New ISA Limit Available for Savers

11/apr/2012 11.29.08 PR Newswire Turismo Contatta l'autore

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New Tax Year, New ISA Limit Available for Savers


CHESTER, England, April 11, 2012 /PRNewswire/ --

  • Average top ISA rate up by 0.20 per cent year on year

With the start of the new tax year, consumers have the chance to benefit from another year's ISA allowance and protect their hard earned cash from the tax man. From April 6th 2012, the ISA limit has been increased to £11,280, of which £5,640 can be saved in a cash ISA.

With average top rates up by 0.20 per cent since last year there is even more reason for consumers to consider how to make the most of their allowance. A comparison of ISA products against non ISA products also shows little difference between rates; however tax payers will reap the reward from tax free benefits offered by ISAs.

In the last couple of days, there have been a number of new ISA bond product launches including the Starter ISA Issue 2 from Nottingham Building Society offering a market leading rate of 5.00 per cent. In the easy access ISA market there have also been a couple of new launches from the building societies, for example, Nationwide has launched the Flexclusive ISA with a rate of 4.25 per cent. This is only available to new or existing FlexAccount customers.

Kevin Mountford, head of banking at, said: "The start of the new tax year should encourage all those savers who failed to make use of their ISA allowance to make a fresh start this year and ensure any savings they have are in a tax efficient wrapper.

"By thinking about your ISA allowance at the beginning of the year rather than at the end it means you can make the most of protecting your savings from the tax man and help boost your savings pot. Many people will have focused on sorting this year's allowance rather than transferring their existing pot, so consumers should make it a priority to action this sooner rather than later.

"We have already seen a number of new products come onto the market at the start of the year and it's encouraging to see rates are creeping up year on year. With rates on ISAs and non ISAs on a par, it's a no brainer for consumers to make the most of their ISA allowance. It's also important savers who took out an easy access account with a short term bonus to note when the bonus finishes and act to switch. Otherwise, they may well end up on a rate much lower than the leading offers in the market, causing them to miss out on much needed additional interest."

Notes to Editors:

ISA Bond Comparison - based on £5,640

Products highlighted in grey have recently launched

                        Account (Terms &     Provider           Conditions Apply)            Term    Minimum Deposit  AER                            Nottingham BS      Starter ISA Issue 2        05.04.2013     GBP10      5.00%   1 Year     Saffron BS         Fixed Rate Regular                        Saver Cash ISA              1 Year        GBP10      4.00%     Principality BS    Regular Saver ISA Issue 3  05.04.2013     GBP20      4.00%     BM Savings         Fixed Rate ISA             2 Years       GBP500      4.05%  2 Years     Cheshire BS        Direct Fixed Rate                         ISA (Issue 4)              2 Years     GBP1,000      4.00%     Halifax            ISA Saver Fixed            2 Years     GBP1,000      3.70%     Halifax            ISA Saver Fixed            3 Years       GBP500      4.25%  3 Years     Marks & Spencer    Fixed Rate Saving                        Option Cash ISA 12         3 Years       GBP500      3.75%     Furness BS         Fixed Rate Issue 35a       3 Years     GBP1,000      3.75%     Halifax            ISA Saver Fixed            4 Years       GBP500      4.35%  4 Years     Furness BS         Fixed Rate Issue 32a       4 Years     GBP1,000      4.00%     Julian Hodge Bank  Fixed ISA                  4 Years     GBP5,100      3.75%     Halifax            ISA Saver Fixed            5 years       GBP500      4.50%  5 Years     BM Savings         Fixed Rate ISA             5 years       GBP500      4.25%     Leeds BS           Fixed Rate ISA Issue 32    5 years         GBP1      4.00% 

     Easy Access ISAs - GBP5,640     Provider           Account (Terms &         Minimum     AER                Transfer In                       Conditions Apply)         Deposit      Nationwide BS      Flexclusive ISA           GBP1       4.25% (Includes         Yes                   (available to new or existing             2.25% bonus until                    FlexAccount customers only)              31.10.2013)                                                                                                                            Cheshire BS      Direct Cash ISA Issue 2     GBP1,000   3.50% (Includes         No                                                             2.5% bonus until                                                             31.10.2013)      Santander        Direct ISA Issue 9          GBP2,500   3.30% (Includes 2.8%    Yes                                                             bonus for 12 months)                                                                    Principality BS  e-ISA Issue 3               GBP1       3.10%  (Includes 1.3%   Yes                                                             bonus until 31/07/12)                                                            Skipton BS       Bonus Cash ISA              GBP1       3.10% (Includes 1.1%    No                                                             bonus for 12 months) 

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