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Anna Bowes is a regular contributor to the BBC’s Money Box, Breakfast and News programs, as well as the national press, providing expert analysis and commentary on the UK savings market. Anna has worked in the financial services industry for more than 20 years and for most of that time has been helping people to make the most of their savings. |
Believe it or not, it will be 20 years in April since ISAs were first introduced. So, this week we’ve looked at how much you could have amassed in a cash ISA if you had diligently utilised your allowance every year.
We also take a look at why we believe cash ISAs are still important; we certainly see the value in holding them, even though following the introduction of the Personal Savings Allowance, many savers may not. How has your ISA performed?
We thought we’d try something new this week as we’d like to ask you what you think about cash ISAs. Worth it or not?
It would be great if you would take part in our poll below, as your insight is so valuable.
🔖 Reader's poll: Are you planning to use your cash ISA allowance this tax year?
Inflation took a surprising downward turn this week hitting a two year low, far lower than industry experts were predicting.
The great news is there are now more than 250 savings accounts to choose from that match or beat inflation, which is in stark contrast to a few years back when there were none.
This week we tell you what’s driving down inflation at the moment and which savings accounts you should be considering in order to beat inflation.
🔖 Read: Inflation falls below the Bank of England’s target
In the ongoing evolution of Cash Savings Platforms, Hargreaves Lansdown’s Active Savings service has added an easy access account to its stable which previously just included fixed rate bonds.
This is good news and we hope more of the platforms will follow suit.
🔖 Read: Hargreaves Lansdown adds as easy access option to its Cash Savings Platform
Talking of easy access, last week saw the withdrawal of the market leading easy access account from ICICI Bank UK which paid 1.55% AER.
We’re a little disappointed that more providers didn’t challenge ICICI to the top spot and bring out even better rates, however all is not lost as the next best rates aren’t far behind.
So, if you missed out you can still get 1.50% AER from Cynergy Bank* and Marcus: by Goldman Sachs, both available on just £1 and both come with a 12 month bonus.
For more information check out our easy access best buy table, which also includes details of the marginally higher paying Family Building Society Premium Saver (3), which has a number of features that might mean it’s not appropriate for everyone.
Of course, there is more information on the savings movers and shakers this week in our Rates Rundown. Take a look to see if there is anything new that you might be interested in.
🔖 Read: Rates Rundown – cash ISAs are the star of the show
Finally, in case you missed it, or avoided it, last week we had Valentine’s Day and although there’s nothing very romantic about savings accounts, it seems there is a link to our finances.
Or at least HMRC found one as it put out a press release on Valentine’s Day to remind married couples and those in civil partnerships to sign up for the Marriage Allowance.
HMRC estimates that 700,000 couples are eligible for the free tax perk worth up to £238 in the current tax year but have yet to claim it. If you think you might be missing out it could be worth investigating.
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*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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