Over 50s 'must be aware of ISA limit changes'

Lloyds Banking Group has called for over 50s to take notice of the forthcoming ISA limit changes in order to maximise their earnings.

A majority of older people could be set to miss out on the benefits of incoming individual savings account limit increases for over 50s due to a lack of awareness.

New research from Lloyds Banking Group has revealed that 40 per cent of over 50s are currently unaware that any changes have been announced, while a further 15 per cent do not know that the new limit will be set at 10,200.

The bank has therefore called on older people to ensure they are conscious of and ready to take advantage of the new limit increase when it comes into effect on October 6th.

Colin Walsh, managing director of savings and investment at Lloyds, reminded savers that doing so will allow them to maximise their financial earnings, which is particularly crucial for those reliant on returns to boost their income.

He said: "This historic low rate environment has meant a challenging time for savers so maximising your full tax free allowance has never been more important."

This follows advice from building society Principality, which earlier this week called the limit increase "a great incentive to save more".

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