Not quite the death of the cash Isa? Tax-free limit to rise to £20k despite new personal savings allowance

Tax-free limit to rise to £20k despite new personal savings allowance

Isa savers will be able to save tax-free to the tune of £20,000 from April 2017, George Osborne announced in his Budget today. At present, savers can stash away £15,240 in a cash Isa shielded from the taxman, with a new limit refreshing each April. This can be held in a combination of both cash and stocks and shares.

SIMON LAMBERT: The Lifetime Isa is a clever idea, especially if you're one of the real Budget winners

The Lifetime Isa is a cross between even more help to buy and the aborted pension Isa plan and it's a clever idea for both the Chancellor and savers - especially a select group.

Lifetime Isa to help the under-40s buy a home: Government will offer £1 bonus for every £4 saved under new scheme

The Lifetime Isa, which allows workers to save up to £4,000 to buy a first home costing less than £450,000, is designed to help people like Mia Fisher (pictured), 20, who is already saving up for one.

Dragged into the savings tax chaos: New rules let you earn £1,000 interest tax-free... but already savers are hit by errors

New rules give £1k interest tax-free but already savers are hit by errors

From April 6, savers will no longer have tax deducted before they are paid interest by a bank or building society, but savers are being hit by blunders before it even kicks in. Alan Renton received a tax letter saying he would receive interest of £1,250 on his savings this year, he had worked it out as just £400.

Is government's Help to Save scheme a 'mis-selling' scandal waiting to happen? Former pensions minister thinks so...

A number of critics have come out to slam the new Help to Save scheme for lower income earners the details of which have been announced by the Prime Minister.

At last! Banks may have to start paying YOU interest on your current account: Challengers call for 0.5% minimum as big players fear watchdog ruling 

Athletics - Virgin Money London Marathon - London - 26/4/15..General View of the start of the Men's Elite race..Action Images via Reuters / Paul Childs..Livepic.. - RTX1AB5W

Challenger banks - new operators set up since the financial crisis - have called for interest to be obligatory and to be paid at the level of at least the Bank of England base rate.

Prime Minister's 'Help to Save' scheme to reward low income workers who save with £1,200 bonus 

File photo dated 06/01/15 of money in a piggy bank, as savers are choosing current accounts over traditional savings products to build up their nest eggs, research has found. 

PRESS ASSOCIATION Photo. Issue date: Sunday February 21, 2016. More than two-fifths (45%) of people are using their current account to build up their savings pots, according to research for Nationwide Building Society. See PA story MONEY Savings. Photo credit should read: Gareth Fuller/PA Wire

The scheme will enable around 3.5 million employees on working tax credits or universal credit to save up to £50 a month and pocket a bonus of 50%, earning a maximum of £600 after two years.

The $1bn online bank heist that was foiled by a spelling mistake: But hackers still got away with $80m in con that fooled Bangladesh central bank and New York Fed

Criminals managed to breach Bangladesh Bank systems and stole its credentials for online payment transfers, two senior officials from the bank said.

'I was a sniper. Should I put that on my CV?' As nearly 4,000 veterans are helped into work by Barclays - we visit its After scheme

Have you won big on the premium bonds with a small holding but don't even know? One winner yet to claim a £100k prize has just £6 of bonds

Have you won big on the premium bonds with a small holding but don't know?

There are 1.2million unclaimed premium bond prizes worth £51million, including two bumper £100,000 amounts, according to National Savings and Investments. Many of the bigger prizes outstanding are from those who have small holdings, the data reveals, so it is likely the winners haven't thought to check them because of their size.

Savings shambles: New rules will soon let you earn £1,000 interest tax-free - yet nobody can explain how this will work

Collapsing Stack of Coins

Our investigation found savers are being kept in the dark about vital changes to how their interest is taxed. It could leave thousands of pensioners out of pocket.

Cash Isa rates continue to plummet as top two-year fixed deal now pays a measly 1.8%

Pink piggy bank with pound coins.


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The top deal for one year is 1.5 per cent from both Virgin Money - available online, by post or on the high street - and Aldermore Bank.

Bank of grandma and granddad: Parents spend £900 per year supporting grown-up children - and half are forced to raid their savings

Parents spend £900 per year supporting grown-up children and grandchildren

Parents and grandparents across the UK spend an average of £900 a year on grown-up children and grandchildren, according to new research. The spend adds up to £18billion nationally, with nearly one in five providing full financial support by funding their offspring's lifestyles, according to a survey by the Post Office.

Hate e-mail only contact with firms and self-service checkouts? You're not alone as 70% bemoan effect of automation on daily life

Hate e-mail only contact with firms and self-service checkouts? You're not alone as 70%

Seven in ten Britons feel that automated services are eroding face-to-face support leaving them harking back to the 'good old days' of personal service, a study suggests. The biggest automated hate is sales calls, with millions plagued by PPI claims firms, injury lawyers and bogus competition wins every day, the research from Charles Stanley shows.

RBS and NatWest customers could soon ask a robot for help as banking giant looks to tackle calls backlog

The bank is investigating whether to cut out the middle man and let the robot - named Luvo - interact directly with customers, if a small number of trials prove successful.

Bank customers targeted in new 'smishing' scam: Warning after one customer lost £23,000 (and Santander won't refund his cash)

Beware 'smishing' scam that saw one Santander customer lose £23k

Bank customers are being warned to be vigilant after what is believed to be a spate of 'smishing' attacks which drain current accounts of cash. One reader, Edward Smith from Sheffield, lost £22,700 from his 123 current account after fraudsters managed to hijack a genuine Santander text message thread to say there was suspicious activity on his account.

Stay safe online with these four easy tips and be in the know with our jargon buster for cyber crime

Hacker in Silhouette and Binary codes background. 


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One of the most common ways that computers become infected with viruses in the first place is by hackers exploiting old security vulnerabilities in computers that users have not updated.

The hacker's guide to safety online: 'The entire banking system is fundamentally flawed - you're giving access to your cash'

Screens with program code

Codenamed tFlow, he was targeting the CIA, the Serious Organised Crime Agency, Fox and Sony at the age of 16. Now he warns that security at our banks is woefully inadequate.

LEE BOYCE: Victory as Royal Mint accepts commemorative coins back from buyers worried they were misled over legal tender (but boss shirks our interview request)

LEE BOYCE: Victory as Royal Mint accepts commemorative coins back from concerned buyers

Readers have been left outraged after learning commemorative coins can't be cashed in at face value despite being labelled 'legal tender'. Now, it appears the Royal Mint will accept returns outside of its usual 14-day window. However, chief executive Adam Lawrence shirked our interview request - despite earning £362,000 in 2014/15.

I tried for four months to take £5k from a Post Office bond because savings compensation changed - now it says I missed the withdrawal deadline!

In November, I told the Post Office I wanted to move £5k from a fixed-rate bond because of FSCS changes. But last week, it wrote to me and refused, saying I had missed the deadline...

Yorkshire BS launches top rate savings account that gives you access to your money one day a year

Yorkshire BS launches top rate savings account that gives you access to your money one day

The new Single Access Savings account, available in branches or by post from today, pays 1.04 per cent after tax (1.3 per cent before). It is well placed for savers who don't want to tie up their money in a fixed-rate deal for fear of missing out if competition appears among savings providers and rates edge up.

Ikano offers some of the best savings rates around but can you trust the bank that IKEA built? We run the rule over ten UK challenger banks...

IKEA Floor Manager Paul Reid welcomes the media to the New IKEA store in Belfast, Northern Ireland, Tuesday, Dec. 11, 2007.  The massive IKEA Home Furniture store will open Thursday in the first store of the island of Ireland.  (AP Photo/Peter Morrison)

Unfamiliar banks are grabbing savers' attention by offering better rates than traditional High Street names. But it's important to do your own research before you sign up.

New savings minnow launches best buy fixed-rate bonds at up to 3.2% - but is Milestone Savings a safe place to squirrel away cash?

Milestone Savings - which is part of Gatehouse Bank, an investment bank based in London - has one-year and five-year fixes that are offering better rates than are currently on offer.

How to start saving or investing into an Isa - the essential guide to a tax-friendly pot

Savings compensation - who owns my bank? A comprehensive list of bank ownership and licences

Protected against a bust: Make sure your savings are safe by not putting more than £85,000 into each authorised bank

The way you spread out your savings with banks is crucial in terms of protection and compensation. We show you how to get protected.

Our savings picks: This is Money's five favourite best buy cash Isas for 2016

This is Money's five favourite best buy Isas

Although cash Isas don't currently offer fantastic rates, it is still worthwhile opening one to shield money away from the taxman. Our savings correspondent Lee Boyce picks his five favourite cash Isas for savers in 2016 - essential reading to help you choose a top savings account for your money. This page is kept up-to-date throughout the year - bookmark it for the very latest developments.

Tables: Best cash isas
Chosen by This is Money
Blue World Map Credit Card
Provider Rate
NS&I; 1.25% More
Monmouthshire BS 1.50% More
Virgin Money 1.41% More
Coventry BS 1.40% More
Dudley BS 1.40% More
   

DON'T MISS...

Premium Bonds winners

March 2016
Prize value Winning bond No. Area
£1,000,000 254MZ390454 Tyne and Wear
£1,000,000 176QW334158 Leicestershire
£100,000 265JN632736 Wales
£100,000 250VM945648 County Durham
£100,000 215XY398675 Preston
£100,000 189SR408716 Wales
£100,000 153PC733202 Suffolk
£50,000 93GY116930 Wales
£50,000 85XA357243 Essex
£50,000 78WE426762 Hertfordshire
£50,000 26AE681300 Cambridgeshire
More Premium Bonds winners
   

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