New ISA limits now available for over 50s

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New ISA limits now available for over 50s

ISA allowances for over-50s are increasing today. Those who will be 50 or over by 5 April next year can now save £10,200 a year in ISAs, including up to £5,100 a year in a cash ISA. The previous total limit was £7,200, of which £3,600 could be invested in a cash ISA. Around one million investors aged 50 and over are expected to top-up their ISA under the new ISA rules. However, 40% of over-50s are not aware that ISA increases have been announced and 61% do not understand the changes. Savings returns continue to reduce in this low-rate environment, it’s more important than ever for consumers to be astute when it comes to managing their savings – and make sure they are not paying unnecessary money to the taxman. It is advised that the over-50s to use as much of their tax-efficient ISA allowance as possible. The rest of the population will be able to make the most of the new ISA limits from April next year.

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