04 November 2024, 17:28
Savers encouraged to maximise ISA allowance this Talk Money Week
- For Talk Money Week, the nationwide campaign to improve financial wellbeing, Saga Money is calling on savers to make the most of their annual exemptions and allowances
- With Chancellor Rachel Reeves having recently announced the Autumn Budget as well, now is the time for Savers to take stock and review their savings plans
- New research from Saga shows that almost a third of those surveyed have not yet touched any of their ISA allowance for this year
- Saga Money offers a range of saving products with consistently competitive savings interest rates, enabling customers to make their money work harder.
For Talk Money Week, the annual campaign inspiring people to take action to improve their financial wellbeing, Saga is encouraging savers to review their financial situation and make sure they are maximising tax-sheltered accounts like ISAs.
Following the Chancellor’s recent Autumn Budget, Capital Gains Tax is to rise to 18% for the basic rate and 24% for those paying the higher rate of tax. In light of which, Saga is calling on savers to make sure they are maximising tax-sheltered accounts like ISAs.
With these changes, it has never been more important for savers to utilise their £20,000 ISA allowance. However, data from Saga Money found that almost two-thirds of their survey panel haven’t yet maximised their annual allowance, and 30% hadn’t used any at all.
ISAs are a popular way for savers to reduce their tax bill, as any growth received from the accounts will be tax free. According to Saga Money’s latest data1, a cash ISA is the second most held savings account (35%) behind an easy access savings account (82%), yet just 17% of respondents currently have a Stocks and Shares or Investment ISA. With Saga’s insights showing that customers are focusing on future proofing – for example 53% of the over 50s are saving for retirement – a Stocks and Shares ISA offers a strong longer-term option, particularly given any gains made are exempt from Capital Gains Tax.
Saga offers products that cater for both short-term and long-term goals. The Saga Cash ISA, provided in partnership with Goldman Sachs International Bank, offers competitive interest on savings. The Saga Stocks and Shares ISA, provided jointly by HUB Financial Solutions and Hubwise Securities, allows customers to invest their money at a risk level that suits the individual.
Saga’s Product Director, Alex Edmans, says: “With all the newly announced changes to personal taxes, it is difficult to stay on top of everything savers can do to make the most of their money.
“Our recent research shows that while many of our customers are using their ISA allowance effectively, there are still a significant number who perhaps haven’t maximized this valuable tax benefit. This Talk Money week, we’re calling on savers to spend some time checking their annual tax allowances and making use of all available exemptions to make the most of their money.”
Despite these changes, it is important for savers to take a measured approach to tax planning, and avoid making rushed decisions. Saga is well-placed to support customers with their savings goals, regardless of their needs, and new customers will join thousands of others across the UK who already trust Saga with their savings, through its dedicated experts and popular range of savings products.
Notes to editors
About Saga:
Saga is a leading provider of products and services primarily tailored for customers over the age of 50 in the UK. The Saga brand has been carefully developed over the past 70 years to become one of the most recognised and trusted brands among UK consumers over 50. Saga is synonymous in the UK with the over 50s market and is recognised for its high-quality products and services. These include cruises and holidays, home and motor insurance, a range of personal finance and money products, as well as the UK’s award-winning Saga Magazine.
About Goldman Sachs:
Goldman Sachs International Bank is part of Goldman Sachs. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centres around the world.
The Saga Cash ISA is provided by Goldman Sachs International Bank. Goldman Sachs International Bank is registered in England and Wales (no. 1122503), authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Financial Services Register number for Goldman Sachs International Bank is 124659 and the registered office is at Plumtree Court, 25 Shoe Lane, London EC4A 4AU.
About HUB Financial Solutions, a Just Group plc company:
HUB Financial Solutions are part of Just Group who are a FTSE-listed financial services group. Just Group are a fast growing company with over 1,200 colleagues and more than 650,000 customers. They’ve been trusted by their customers to carefully look after £24 billion of their pension savings and they've helped them release more than £6.7 billion from their properties.
The Saga Stocks & Shares ISA is provided jointly by HUB Financial Solutions Limited and Hubwise Securities Limited (Hubwise). HUB Financial Solutions Limited is registered in England and Wales (no. 05125701) with its registered office at Enterprise House Bancroft Road Reigate Surrey RH2 7RP. HUB Financial Solutions Limited is authorised and regulated by the Financial Conduct Authority under the registration number 455713. Hubwise Securities Limited is registered in England and Wales (no. 06071374) with its registered office at Waverley Court, Wiltell Road, Lichfield, Staffordshire WS14 9ET. Hubwise Securities Limited is authorised and regulated by the Financial Conduct Authority under the registration number 502619, is an ISA Plan Manager (HMRC ISA Plan Manager Z1723) and a Member of the London Stock Exchange.
Downloads
-
ISA image
Download