Rachel Reeves has a number of options open to her in the upcoming Budget to help savers, experts told i
could make a number of changes in the October budget to help savers who are facing a dwindling number of high interest rates, experts have said.as accounts with high returns are rapidly disappear from the market following the Bank of England cutting the base rate to 5 per cent.Reeves could revisit the personal savings allowance, which hasn’t changed since it was introduced.Basic rate tax payers can earn up to £1,000 in interest without paying tax on it.
There are multiple different types of ISAs, including ones where your money is held in cash, and others where it is invested in stocks and shares. “Measures such as merging Cash and Stocks and Shares ISAs or increasing the annual ISA allowance to £25,000 from £20,000 would both simplify the ISA landscape and help incentivise savers to use the product, as well as feel more confident with saving and investing.
This type of ISA is a type of savings account that was designed specifically for people aged 18 to 39 who are saving for their first home or retirement.
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