- The number of savings accounts and cash ISAs available in the UK has reached a record high, with competitive interest rates still above 4 per cent.
- From April 2027, individuals under 65 will only be able to deposit a maximum of £12,000 into a cash ISA, with the remaining £8,000 of the £20,000 annual allowance reserved for investments.
- This change is part of a wider government initiative to encourage more people to invest and build future wealth.
- Savers are urged to take advantage of the current high interest rates and review their savings options, as this is the final tax year for under-65s to utilise the full £20,000 cash ISA allowance.
- Analysis indicates that many premium, paid-for savings accounts offer poorer returns or come with significant restrictions, highlighting the need for consumers to carefully assess their options.
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