Over 50s 'should maximise ISA savings'

A building society has called for over 50s to maximise their ISA savings to take advantage of new rules.

A building society has reiterated recent calls for over 50s to ensure they place as much money as possible into their individual savings accounts (ISAs) to take advantage of new regulations.

Principality has recommended that over 50s invest up to the full 5,100 tax-free cash ISA limit when the ruling comes into effect on October 6th this year.

Doing so will not only allow older people to protect their savings from being taxed, but will also allow them to capitalise on high rates of interest if they shop around.

As a result, James Wright, marketing director of Principality, called for over 50s who do not currently have ISAs to take the opportunity to invest and to "maximise their tax free savings opportunities if they can".

He added: "ISAs tend to offer some of the best rates around and the increase limit is a great incentive to save more."

This echoes advice issued last week by Fidelity International, which described ISAs as a good way of maximising the "tax efficiency" of savings.

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