Virgin Money predicts surge in ISA saving

The increase in the tax-free threshold for savers may lend a boost to cash ISA account holders.

The popularity of cash ISAs could be set to rise as the tax-free threshold for savers in increased at the start of the new tax year.

Such is the suggestion of Virgin Money, whose recent poll revealed nine per cent of respondents believe that such ISA accounts "will be the winners" following the saving limit increase outlined in the Budget.

Virgin Money spokesperson Grant Bather said that the over-50s have "led the way" in terms of saving into ISAs and that he expects them to continue to do so in the new financial year.

"It is a welcome boost for the ISA season which in previous years has hardly materialised in any real shape or form," he commented.

"We would urge all investors to consider making the most of their tax-free investment threshold this year and to consider increasing it in the new tax year."

The rise in ISA limits was this week welcomed by HSBC, which said the increase will afford account holders more opportunities to save for the future.

By Joe Letts ADNFCR-2079-ID-19690935-ADNFCR

Friday, 26 March 2010 00:00

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Top 5 Savings Accounts

Provider	AER	Notice	Interest Paid	Min Bal	Apply
View Full Table >

	ING Direct Savings Account				Apply > More Info
	2.90%	Instant	Monthly	£1	Apply > More Info

	Halifax Online Saver				Apply > More Info
	2.80%	Instant	Annually	£1	Apply > More Info

	Barnsley Building Society Online Saver				Apply > More Info
	2.50%	Instant	Monthly	£1	Apply > More Info

	Halifax Reward Saver				Apply > More Info
	2.50%	Instant	Annually	£1	Apply > More Info

	Nationwide Regular Savings				Apply > More Info
	2.50%	Instant	Monthly	£1,000	Apply > More Info

ING Direct Savings Account

New customers can enjoy a rate of 2.90% AER (2.86% gross p.a.) including a 2.36% gross bonus fixed for 12 months from account opening.
After 12 months the rate will revert to our ING Direct Savings Account variable rate, currently 0.50% AER
Move your money when you like, with no penalties or restrictions
Start saving from £1, with no minimum or maximum monthly deposits required
Open an account in minutes
Award winning UK call centres

Halifax Online Saver

2.80% gross/AER variable including 12 month fixed bonus of 2.70%
Speed & convenience of 24/7 online access
Unlimited withdrawals
Unlimited deposits
Open from just £1
Online access only
Available from age 16 onwards
Access your money by transferring to another account online
Interest paid annually
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Barnsley Building Society Online Saver

Great on-going rate of 2.50% gross pa/AER† variable with NO bonus period!
Apply online with Barnsley Building Society award-winning, paperless application. No forms to sign.
Open an Online Saver with as little as £1
Make withdrawals at any time as long as you leave a minimum balance of £1
Check your balance and view your statements whenever you wish
Log into our secure website to transfer money to your nominated bank or building society account or a nominated account held with us
Rate includes a bonus of 0.50% until 31/12/2010.
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Halifax Reward Saver

2.50% gross/AER variable or 2.25% gross/AER variable if five or more withdrawals have been made
Further withdrawals available should you need them however these will suffer 30 days loss of interest on the amount you withdraw.
Access your money by transferring to another account online
Interest paid annually
You need to be a UK resident personal customers aged 11+
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Nationwide Regular Savings

A competitive rate of interest of up to 2.50% AER, (2.50% gross p.a.)
Flexibility to make unlimited withdrawals if you need to giving you the highest level of flexibility available.
Open an account with as little as £1!
Save up to £1000 each month.
Open and manage your account online using the Nationwide MySave Online Savings site.
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Natwest e-Savings

No penalties – we don't charge you for withdrawing your money
Start saving with £1 - and there's no minimum balance
Monthly interest – paid directly into your account
No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
Get the savings habit – we can set up a regular transfer from another NatWest account
Set up and track your own personal savings goals - through Online Banking
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

RBS Direct Saver

you will earn the following rate of interest: 1% AER/Gross (variable)
Instant access to your funds with no penalties
Monthly tax-free interest – RBS can pay the interest into your Direct Saver or another RBS account.
Manage your ISA by Phone, post, in branch and online
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Halifax 2 Year Fixed Rate Online Saver

Account gives you a great rate of 3.75% AER
You can open an account with just £500.
The maximum balance is £9,000,000.
Great fixed rates of interest - so you are protected against changes in interest rates and know exactly what you'll earn.
On maturity you'll still get a good rate as your savings and interest are transferred into the Variable Rate Web Saver (which is opened at the same time as your Fixed Rate account).
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Scottish Widows Direct Transfer Account

Rate includes a bonus of 0.89% for 12 months
Minimum balance £1000
Deposits can be made by internet banking, telephone or post
No notice period or penalties for withdrawals
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

ING Direct Cash ISA

Act now and you can enjoy a great tax free rate of 3.0% AER variable (2.96% gross p.a variable, including a 1.96% gross p.a bonus fixed for 12 months from opening)
This rate then reverts to a variable Cash ISA rate currently 1.00% gross/AER.
The interest is calculated daily and paid monthly.
You can invest from £1 up to £5,340 each tax year and benefit from tax free savings.
You can NOT transfer your existing ISA balances to this ISA
The tax year runs from 6 April to 5 April the following year.
You can invest in one lump sum or in any number of smaller payments up to the annual subscription limit (£5,340).

Natwest e-ISA

Save from £1 and save up to £5,340 per tax year
If you wish to transfer your existing ISAs balances to this ISA you will earn the following rate of interest:
£0 - £9,999 = 2.00% AER
£10,000 - £29,900 = 2.25% AER
£30,000+ = 2.50% AER
Instant access to your funds with no penalties
Monthly tax-free interest – Natwest can pay the interest into your Cash ISA Plus or another NatWest account.
Manage your ISA by Phone, post, in branch and online
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Halifax ISA Saver Online

2.60% tax free/AER variable including 12 month fixed bonus of 2.35%
Interest paid tax free
Open from just £1 and save in a way that suits you
Easy access to your savings
Transfers in benefit from our ISA Promise
Maximum savings £5,340 annually (tax year 2011/2012)
Available from age 16 onwards
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Top 5 ISAs

Provider	AER	Notice	Min Deposit	Max Deposit	Apply
View Full Table >

	Natwest 3 Year Fixed Rate ISA (New Transfer)				Apply > More Info
	4.20%	Fixed term for 3 years	£1,000	£5,340	Apply > More Info

	Halifax 4 Year Fixed Rate ISA Saver				Apply > More Info
	4.10%	Fixed term for 4 years	£500	£5,340	Apply > More Info

	Natwest 2 Year Fixed Rate ISA (New Transfer)				Apply > More Info
	3.90%	Fixed term for 2 years	£1,000	£5,340	Apply > More Info

	Natwest 3 Year Fixed Rate ISA				Apply > More Info
	3.80%	Fixed term for 3 years	£1,000	£5,340	Apply > More Info

	Halifax 3 Year Fixed Rate ISA Saver				Apply > More Info
	3.55%	Fixed term for 3 years	£500	£5,340	Apply > More Info

Hinkley and Rugby 1 Year Fixed Rate ISA

Account gives you a great rate of 3.10% AER
You can open an account with just £100.
The maximum balance is £50,000.
Early access on full closure only and subject to an Early Closure Charge equivalent to 270 days interest at 3.1% plus a £15 (ex VAT) admin charge
YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme

Halifax 3 Year Fixed Rate ISA Saver

Get 3.55% AER Fixed for 3 Years
Minimum opening balance - £500
Maximum balance - up to £5,340
No withdrawals
No additional deposits - after account opening.
Manage your savings - In branch, by phone or view your balance online 24/7
Britain's No 1 for ISAs*
Number of accounts - you can only fund one cash ISA during any one tax year. If you already have an ISA with another provider and want to take advantage of our cash ISA interest rate, ask to transfer your ISA today
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Halifax 4 Year Fixed Rate ISA Saver

Get 4.10% AER Fixed for 4 Years
Minimum opening balance - £500
Maximum balance - up to £5,430
No withdrawals
No additional deposits - after account opening.
Manage your savings - In branch, by phone or view your balance online 24/7
Britain's No 1 for ISAs*
Number of accounts - you can only fund one cash ISA during any one tax year. If you already have an ISA with another provider and want to take advantage of our cash ISA interest rate, ask to transfer your ISA today
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Halifax 2 Year Fixed Rate ISA Saver

Get 3.50% AER Fixed for 2 Years
Minimum opening balance - £500
Maximum balance - up to £5,340
No withdrawals
No additional deposits - after account opening.
Manage your savings - In branch, by phone or view your balance online 24/7
Britain's No 1 for ISAs*
Number of accounts - you can only fund one cash ISA during any one tax year. If you already have an ISA with another provider and want to take advantage of our cash ISA interest rate, ask to transfer your ISA today
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Halifax 1 Year Fixed Rate ISA Saver

Earn 2.25% AER tax free fixed for 1 year
Minimum opening balance - £500
Maximum balance - up to £5,340
No withdrawals
No additional deposits - after account opening.
Manage your savings - In branch, by phone or view your balance online 24/7
Britain's No 1 for ISAs*
Number of accounts - you can only fund one cash ISA during any one tax year. If you already have an ISA with another provider and want to take advantage of our cash ISA interest rate, ask to transfer your ISA today
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Natwest 1 Year Fixed Rate ISA

Have between £1,000 - £5,340 this tax year
Transfer in existing cash ISA balances to increase your tax free earning potential
Limited offer - May be withdrawn at any time
Early closure will result in an interest change
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Natwest 2 Year Fixed Rate ISA

Have between £1,000 - £5,340 this tax year
Transfer in existing cash ISA balances to increase your tax free earning potential
Limited offer - May be withdrawn at any time
Early closure will result in an interest change
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Natwest 2 Year Fixed Rate ISA (New Transfer)

Have between £1,000 - £5,340 this tax year
Transfer in existing cash ISA balances to increase your tax free earning potential
Rates available from 30th September 2011 and on a first come first served basis
Limited offer - May be withdrawn at any time
Early closure will result in an interest change
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Natwest 3 Year Fixed Rate ISA

Have between £1,000 - £5,340 this tax year
Transfer in existing cash ISA balances to increase your tax free earning potential
Limited offer - May be withdrawn at any time
Early closure will result in an interest change
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Natwest 3 Year Fixed Rate ISA (New Transfer)

Have between £1,000 - £5,340 this tax year
Transfer in existing cash ISA balances from other non Natwest and RBS accounts to gain the 4.20% AER rate, otherwise the rate is 3.80% AER.
Rates available from 30th September 2011 and on a first come first served basis
Limited offer - May be withdrawn at any time
Early closure will result in an interest change
YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Progressive BS 2 Year Fixed Rate ISA

Account gives you a great rate of 3.50% AER
You can open an account with just £100.
The maximum balance is £50,000.
Early access on full closure only and subject to an Early Closure Charge equivalent to 270 days interest at 3.1% plus a £15 (ex VAT) admin charge
YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme

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Virgin Money predicts surge in ISA saving

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