An investment adviser has welcomed the recent surge in the amount of money invested in individual savings accounts (ISA).
Since October 2009, anyone aged over 50 has been able to invest up to £10,200 into ISAs, and from April 6th the same will apply for everyone else.
According to Virgin Money, the uptake among those aged over 50 has more than doubled since then and, although he believes the increased allowance should have been expanded sooner, Adrian Lowcock, senior investment adviser at Bestinvest, has welcomed the developments.
He said: "This has been a ray of light in an otherwise grim outlook for tax benefits and wrappers.
"The response has been huge from investors taking up the extra allowance. Investors over 50 can still top up now until the April 5th and should look to do so as taxes are set to rise for some time to come."
Virgin Money's figures, which were published last month, showed that, between October 6th and January 5th, lump sum payments into ISAs by the over-50s increased by 120 per cent following the change in allowances.
Investment adviser welcomes ISA boost
Financial Services > Saving Accounts > News
Investment adviser welcomes ISA boost
Tue, 02 Feb 2010
Recommended links
Make the most of your savingsApply for a savings account review
Browse current savings accounts
Isas explained
Compare Isas
Compare savings accounts
Save money on broadband deals
Older savers take advantage of ISA threshold increase
Amount of fixed rate ISA products increases in 2010
Leeds Building Society launches new Isas
Best buy savings deals disappear
Over 50s could double savings with Isas
Isa allowances fail to deliver, expert says
Brits raid Isa savings accounts
Principality launches savings Isa for over 50s
Isa rate increases for savings firm
Cash Isa rates drop
Isas perfect for first-time savers, says moneysupermarket.com
Budget sees increase in Isa limit
Saga announces Isa boost for savings
Isa warning to savings account holders
| Savings Account news |
|---|
| Investors favouring fund and share-dealing ISAs - Tue, 09 Mar 2010 |
| Survey reveals drop in savings - Thu, 04 Mar 2010 |
| Expert forecasts increased investment in stocks and shares ISAs - Tue, 02 Mar 2010 |
| More News |
