With interest rates so pitifully low, thousands of people with cash ISAs are wondering just how much more punishment they can take. The trouble is, with the country only just coming out of recession, and market volatility remaining rife since the credit crunch, many are understandably scared about taking their money out of the safety-net of a cash ISA.
Savers disappointed with low cash ISA rates might want to consider transferring their money into a stocks and shares ISA before the ever-approaching 5 April deadline. Remember, everyone has an annual tax free allowance of £7,200 and it’s even better for the over 50s, who can invest up to £10,200.
Any existing ISAs can be transferred to another provider without losing their tax-free status or even affecting your annual ISA allowance. So, if you have been building up a tidy sum over the years and are disappointed with the returns, why not transfer it to another ISA account that may be more suitable for your needs?
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