If you are not looking to fully use your cash ISA allowance, but are saving to buy your first home, a Help to Buy ISA could be the answer. The good news is that there has been some competition between providers recently.
The Chancellor announced further support for savers with a real rabbit out of the hat in the spring Budget 2016. As well as announcing a 31% increase to the ISA allowance from £15,240 to £20,000 with effect from April 2017, he also announced a new Lifetime ISA which will be introduced in April 2017.
Whilst you would be forgiven for thinking that 2016 has so far been nothing but bad news for savers, with accounts dropping out of the best buy tables and lower rates being offered by the majority of providers, there are still some positive changes being made.
We are often asked for more information on various savings providers that are less well-known or new to the savings market. The provider chosen this time is RCI Bank, following a number of requests from our clients and the fact that the provider has recently released some competitively priced savings accounts.
Whilst much of the savings news so far in 2016 has been providers withdrawing from the best buy tables and lower rates being offered almost across the board, there have at least been some providers making positive moves.