Northamptonshire savers encouraged to make the most of ISAs after Budget U-turn
Savers across Northamptonshire are being urged by Commsave Credit Union to use their full tax-free ISA allowance, after the Chancellor scrapped plans to cut it in this week’s Budget.
The cash ISA limit will stay at £20,000 a year, rather than falling to £12,000 for under-65s from April 2027. With tax on savings interest held outside an ISA also set to rise from April 2027, more savers could benefit from keeping their money in an ISA.
Matt Goulding, Chief Executive of Commsave, said: “This is really welcome news for savers. So many people are working hard to put a little aside each month, whether that is for an unexpected bill, a family emergency or simply to feel more in control of their money. Keeping the full £20,000 ISA allowance means they can keep building that safety net without worrying about paying tax on the interest they earn.
“With tax on savings interest set to rise, it is more important than ever that people feel confident their money is in the right place. But we also know that savings and tax rules can feel confusing, especially when life is already busy. Nobody should feel they have to work it all out alone.
“Whether someone wants the certainty of our 2-Year Fixed Rate ISA at 3.5%, or simply wants to talk through their options, our team is always happy to help.”
The higher rates apply only to interest above a saver’s Personal Savings Allowance, and interest earned inside an ISA remains tax-free.
As a not-for-profit, member-owned financial co-operative, Commsave exists to serve its members - not shareholders. Alongside safe savings accounts and ISAs, it offers ethical, affordable loans and free financial education through workshops, webinars, one-to-one support and the Commsave Educates app.
Commsave now supports more than 43,000 members across the UK, and its Community Fund has awarded more than £150,000 to charities, schools and good causes nationwide.
Find out more about Commsave and how to join:
www.commsave.co.uk