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Home »News »Finance News

Isa limit for over-50s rises

06/10/2009

From this week, the amount of money that over-50s can deposit in a tax-free individual savings account (Isa) has risen from £7,200 to £10,200.

The change in the savings allowance was announced in April's Budget and is applicable to anyone born before April 5th 1960.

Of the full amount allowed to be held in an Isa, up to £5,100 can be in cash and the rest can be made up from stocks and shares.

The increase in the limit was brought in to help savers who had been hit by the low interest rates set by the Bank of England.

On making the announcement back April, chancellor Alistair Darling said: "I'm determined to help savers, because while low interest rates have helped millions of homeowners, I also know that they have hit those who rely on their savings to get by."

Isas were introduced in 1999 by then chancellor Gordon Brown to replace Peps and Tessas.

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