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Nicer saving

Nicer Saving

The Chancellor delivered a summer sizzler for savers.

From July 1 this year, thrifty folk can save thousands more tax free.

New Isas (NISAS) revamp the popular saving scheme. The threshold is raised from £11,520 to £15,000 and savers will also be able to put aside the whole amount in cash, rather than only half, as at present.

Together these changes will offer savers an option to earn more interest without having to consider shares or other risky investments.

Meanwhile anyone aged 65 or over will be offered a new type of savings account paying better rates. Pensioner Bonds, available from January next year, are expected to pay 4% on a three year fixed-rate.