Lloyds TSB Reports Majority Of Over 50s Unaware Of October ISA
on: September 25, 2009, 8:50 am
Author: Lloyds TSB
TSB has revealed new research* that shows two thirds (61 per cent)
of over 50s do not understand the approaching ISA changes which
will enable more than 21 million savers to benefit from an increased
tax free savings allowance.
part of this year's budget, the Chancellor announced that the
limits would increase from £7,200 to £10,200, £5,100
of which can be saved in cash. For those born on or before 5th
April 1960 the new limits come into effect on October 6th, whilst
younger customers will need to wait until the start of the 2010/2011
tax year next April.
the imminent changes, the findings show that just 15 per cent
of over 50s know that the new ISA limit will be set at £10,200.
Four out of ten over 50s are not even aware that increases have
Banking Group customers can take full advantage of the increased
limits, as the Group has confirmed that all of its ISA products
will accept top ups when the new rules come into effect on 6th
Walsh, managing director of savings and investment, Lloyds
Banking Group commented: "As the UK's largest ISA provider,
we want our customers to be able to reap the benefits of the new
rules and make use of their entitlement. This historic low rate
environment has meant a challenging time for savers, especially
for those who rely on returns to supplement their monthly income,
so maximising your full tax free allowance has never been more
will be able to top up their existing ISA balance in any of the
Group's fixed and variable rate cash
ISAs, as well as investment
ISA products. New customers can also take advantage of the
new entitlement and open one of the competitive products offered
by the Group's ISA brands, which include Halifax, Lloyds
TSB, Scottish Widows, Bank of Scotland, Cheltenham & Gloucester,
Birmingham Midshires and Intelligent Finance.
Colin Walsh continued: "Traditionally the ISA transfer market
peaks in April around the new tax year, but this year's changes
will no doubt result in a 'mini ISA season' as savers look to
take advantage of competitive rates on an increased balance."
this year, Lloyds Banking Group announced its participation in
electronic transfers for the cash ISA market, allowing customers
to benefit from a more efficient process and reducing the delays
caused by sending cheques in the post.
Notes to editors:
* Lloyds Banking Group commissioned research by OnePoll of 500
consumers over 50s during August 2009.
Lloyds TSB offers customers a wide range of current accounts,
savings accounts, insurance, personal loans and credit cards,
investment and cash ISA accounts designed to meet different customers'
TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated
by the Financial Services Authority and signatories to the Banking
TSB Bank plc Registered Office: 25 Gresham Street, London EC2V
Registered in England and Wales no. 2065.
further information or customer case studies:
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020 7356 2021