Five Questions On: Nisas
The new tax-free savings schemes that are replacing Isas?
They're not so much replacement as expansion. The amount you'll be allowed to stash in an individual savings account (Isa) will climb to £15,000 from next Tuesday, 1 July. Meanwhile you'll be able to switch your nest-egg between shares and funds and savings accounts.
How is that different?
Up until now you've only be able to move money held in an Isa from savings accounts to equity-based investments. From next week you'll be allowed to move money back the other way, if you wish.
Why is that better?
It makes Isas much more flexible, especially to those wary of stock-market fluctuations. If you choose to move your cash to shares or investment funds but then want to take profits or simply exit the market on worries of a potential crash, you can. You'll be able to park your cash in a deposit account until you're ready to return to more risky equities.
Will many people be using Nisas?
There could be massive demand with people delaying using them until the new higher limits and greater flexibility come into force. Figures published by the British Bankers' Association this week showed a massive drop in the amount people have been stashing in Isas in the past three months – savings were £5.3bn, down by more than a third from the same period in 2013.
So people have just been waiting?
They've also been put-off by record low savings rates. The average cash Isa interest rate is now just 1.58 per cent, according to Moneyfacts. A year ago it was 1.74 per cent. "People have also been looking at alternative homes for their savings, such as peer-to-peer platforms and a number of popular retail bonds," according to Andrew Hagger of MoneyComms.
Independent Partners; request a free guide on NISAs from Hargreaves Lansdown
- 1 Michael Brown shooting: Police shoot and kill second young black man near Ferguson
- 2 James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
- 3 Why are UK rail fares so expensive?
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Cilla Black defends Cliff Richard: 'I am positive that the allegations are without foundation'
Isis threat: Cameron wants an alliance with Iran
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
iJobs Money & Business
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Linux, SQL Se...
£650 per day: Harrington Starr: C#.NET Developer ASP.Net, C#.net, WCF, WPF, .N...
£35000 - £38000 per annum + benefits: Ashdown Group: A highly successful, glob...
Highly Competitive Salary: Austen Lloyd: CITY - ASSET FINANCE - An outstanding...
Day In a Page
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony