Lloyds TSB: Isa limits confuse customers

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Lloyds TSB: Isa limits confuse customers

Mon 15th Mar 2010

Richard Davies, senior savings manager for Lloyds TSB, commented that although there was cause for misunderstanding it was "positive" that people understood the benefits of cash Isas.

He encouraged people to ask at their local branch about what the new limits mean to them.

"We have also produced a handy savings map to help guide customers through their individual savings journey," he added.

The Lloyds Cash Isa allows savers to earn a variable rate of 2.5 per cent tax free, yet only 11 per cent of the population know what the limits are.

A more striking statistic showed that one-quarter of 18 to 24-year-olds did not know what an Isa was, while six per cent believed it to be an iPhone application.

Customers will now be permitted to an increased limit of £10,200, in effect from April this year.

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