Nationwide: Isa changes "encouraging"

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Nationwide: Isa changes "encouraging"

The government's decision to increase annual subscription limits for individual savings accounts (Isas) are "encouraging for savers", according to Nationwide.

Roy Beale, a spokesperson for the building society, said that although the increase has allowed people to invest more in an Isa, it would like to see further measures taken.

In particular, Nationwide is calling on the government to equalise the cash and equity Isas limit and link indexes to inflation "to insure their true value is maintained".

With regards to the new system which allows people to convert their cash Isa into a stock and shares Isa, Mr Beale warned that although returns on stocks and shares may be greater, they are not guaranteed.

He urged people to remember that "once funds are transferred from a cash Isa to a stocks and shares Isa they cannot be transferred back".

Recent research from Nationwide found that 62 per cent of Brits do not have an Isa, of whom one in five say it is because they do not understand them.
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