Halifax: Isa savings allowance rise 'good for savers'
www.moneynews.co.uk > Banking > Halifax: Isa savings allowance rise 'good for savers'
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Halifax: Isa savings allowance rise 'good for savers'
Thu 22nd Mar 2007
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From next year, customers will be able to invest £3,600 into a cash Isa, which Mike Regnier, head of savings at Halifax, said was a "welcome move".
However, he intimated that the overall Isa allowance should also have been raised from £7,000 to £7,200 in April 2008.
"If the total Isa allowance had risen in line with inflation, savers would now be able to invest around £8,500 per year, free of tax," Mr Regnier said.
Introduced by the government in 1999, consumers were formally allowed to invest a maximum of £3,000 in a cash Isa.
Last month the group announced it would be introducing a four-year fixed-rate Halifax Isa.
On a minimum investment of £3,000, the Halifax Isa pays a competitive six per cent interest compared to the previous 5.5 per cent.
Related News : Banking |
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Related News : Halifax |
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