News
Savings Allowance to Increase - 11/02/10
Savvy savers will soon be able to put aside even more at The Earl Shilton Building Society thanks to changes to ISA (Individual Savings Account) limits which are due to kick in shortly.
From Tuesday 6th April 2010 people will be able to increase the amount they save in an ISA, as the annual limit is to rise from £7,200 to £10,200, as first announced in the 2009 Budget by Chancellor Alistair Darling.
Of this, £5,100 can be invested tax-free in a cash ISA, with the balance in stocks and shares. Alternatively, the whole sum can be invested in the stock market.
The changes first came into effect last October for people aged 50 or above (by 5th April 2010), and staff at the Earl Shilton Building Society have reported huge interest in savers topping up their accounts as a result.
Neville Thompson, Chief Executive at the Earl Shilton Building Society, comments, "The increase in ISA limits last October for investors aged over 50 proved a very popular move and gives a strong indication that consumers still believe that savings accounts remain a safe and reliable way for money to grow. April is always a busy month for opening new ISA accounts but we predict this year could be particularly busy as people look to take advantage of these increases."
"We have also found that savers are being more cautious with their money and many are researching the best places to invest. This is where 'consistency' becomes a key word and as our Cash ISA rates have been rated amongst the top five rates in the country over the last 18 months, we have found this to be a real attraction for savers."
The Earl Shilton Building Society has a range of savings accounts currently available, including the Heritage account for the over 50s, an Early Saver Account, a Regular Monthly Saver and the Foundation Account. Its Cash ISA rates have also been consistently among the top five rates over the last 18 months according to online financial experts at www.moneyfacts.co.uk.
To find out more information, please visit either branch at 22 The Hollow, Earl Shilton or 7 Malt Mill Bank, Barwell. Alternatively you can call 01455 844422, email enquire@esbs.co.uk or visit the website at www.esbs.co.uk.