24 Nov 2024

Make the most of your money this ISA season

The 2011/12 ISA season has gathered pace, with a surge of new tax-free accounts launched by providers over recent weeks.

Compared to previous seasons, a total of 39 cash ISAs include introductory bonuses.

March 2009

March 2010

Today

Number of cash ISAs with introductory bonuses

Source: Moneyfacts.co.uk – 9.3.2011

The number of cash ISA products accepting transfers in has also risen over the past couple of seasons, meaning investors who have built up large savings pots have more choice when looking for a competitive ISA.

	March 2009	March 2010	Today
Number of cash ISAs accepting transfers in	195	262	308
Source: Moneyfacts.co.uk – 9.3.2011

Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: “On average, an introductory bonus constitutes for around 56% of a cash ISA’s overall rate at present. Savers must bear in mind, however, that once the bonus period expires the original rate will drop to a much lower figure.”

“Positive changes have occurred in the ISA world recently, such as an increase to the maximum cash ISA allowance for the 2011/12 tax year by £240 to £5,340. Providers also have to adhere to a 15 day deadline when transferring customers’ funds; previously some investors were losing interest on their savings whilst waiting up to many weeks for their funds to be transferred.”

“The highest average ISA rate also remains at a two year high of 2.47%. Savers who are struggling with low returns at the moment may be wise to consider investing in an ISA in order to make the most of their money.”

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.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349