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ISA war kicks off early

Michelle Slade analyst at Moneyfacts.co.uk comments:

”As the end of another tax year fast approaches, savers should be looking to make the most of their tax free allowance. Any allowance not used by the 5 April deadline will be lost forever.

“This year the battle for a slice of the tax-free savings market has kicked off earlier than usual, with two of the current top three best buys (Scarborough BS and Icesave) having been launched in the last month.

“If previous years are anything to go by we will see a glut of new ISA deals being launched in the next few weeks, but be warned; many of them will only be around for a couple of months before being pulled from the shelves.

“It’s refreshing to see that the best buys this year aren’t dominated by accounts with bonuses. Large bonuses for limited periods mean that the once great rate you originally plumped for, suddenly don’t look so appealing 12 months later.

“All the best buy accounts listed above accepting a transfer in so it’s a good time for anyone with any existing ISA savings to move them to a better deal. With many savers having a five figure balance, the odd 0.1% can make quite a difference.

Looking for consistently good performing cash ISA?

“If you’re looking for a consistent mini cash ISA, the Direct ISA from NS&I has been the most consistent over the last 18 months and currently pays 6.05%. The most consistent mini cash ISA when judged over the last three years is the Yorkshire BS e-ISA that currently offers 5.80%.

New rules and allowances for the 2008/9 tax year

“There is some good news for savers with the changes to the ISA rules which come into effect on 6 April. The annual contribution has been increased to £7,200 with the maximum cash element being increased from £3,000 to £3,600. The additional £3,600 tax-free allowance can be invested in equities.

“The new rules also mean that anyone with previous year’s cash ISA savings can transfer them into stocks and shares ISAs. Unfortunately the situation doesn’t work in reverse, so stocks and shares ISAs can’t be transferred into cash ISAs.

“From 6 April 2008 Personal Equity Plans (PEPs) will be renamed ISAs and will be able to have the same flexibility as ISA savers enjoy.

Once you’ve used your ISA allowance, check out the best buys for non-ISA savings accounts

“Due to the extremely competitive nature of the savings market at the moment, there are some excellent deals to be had.”

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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