- The number of savings accounts and cash ISAs available in the UK has reached a record high, with competitive interest rates still above 4 per cent.
- From April 2027, individuals under 65 will only be able to deposit a maximum of £12,000 into a cash ISA, with the remaining £8,000 of the £20,000 annual allowance reserved for investments.
- This change is part of a wider government initiative to encourage more people to invest and build future wealth.
- Savers are urged to take advantage of the current high interest rates and review their savings options, as this is the final tax year for under-65s to utilise the full £20,000 cash ISA allowance.
- Analysis indicates that many premium, paid-for savings accounts offer poorer returns or come with significant restrictions, highlighting the need for consumers to carefully assess their options.
IN FULL
Consumers have record savings options in final year of £20,000 cash ISA allowance
