"The benefits of using a cash ISA are clear: no tax payable on the interest earned, regardless of amounts, and you can put in up to 20,000 a year for now. That will change from April 2027, capped at 12,000 (the rest can go into other ISA types), but if you'd even been putting in 150 - nowhere near enough to max your allowance - you'd still have been able to save up more than 21,000 after a decade, assuming an average 3 per cent interest rate."
"Savers hunting for the best place to put their money while interest rates remain reasonably high have faced a huge range of options over the last two years - and as we hit ISA season, competition for your cash is cranking up again, with five providers offering new or improved deals."
Cash ISAs provide savers with tax-free interest on earnings regardless of amount, allowing annual contributions up to £20,000 until April 2027 when the limit reduces to £12,000. Multiple financial providers, including Tesco and Skipton Building Society, are offering new or improved ISA deals as competition intensifies during ISA season. At average interest rates of 3 percent, a £150 monthly contribution could accumulate over £21,000 in a decade. Currently, numerous providers offer rates exceeding 4 percent in both ISAs and standard savings accounts, making this an opportune time for savers to evaluate options while interest rates remain relatively high.
Read at www.independent.co.uk
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