ISAs: 46% Plan To Use Entire Amount

• News
• Published: 09 Mar 2010 in Money and Savings

About four in 10 people aged over 50 have said they plan to use their entire ISA allowance in the next tax year, a survey has revealed.

Research by Saga Personal Finance showed that people in London are keenest to avoid their savings being taxed, with 46% saying they intend to use their maximum allocation.

Saga said it has more ISA products this season - from two-cash ISAs to four-fund ISAs and a stocks-and-shares ISA for people preferring to choose their own investments. The firm has many fee-free deals and claims to have "exceptional" rates for the over-50s.

Limits were increased in October last year to £5,100 for cash ISAs and £10,200 for investment ISAs for over-50s. A total rate of 95% of people aged 50 and over said they know about the increased limits and around a third (37%) have increased their pot since October.

ISAs are said to be the most tax-efficient option available for people with money to invest.