19 March 2014
Nationwide Building Society is delighted that having called on the Chancellor for several years to equalise the limits for cash ISAs and stocks and shares ISAs it has finally been granted.
Nationwide’s Chief Executive, Graham Beale, said: “The announcement to bring the amount people can save in a cash ISA in line with the amount that can be invested in a stocks and shares ISA is great news for Britain’s savers. We have been campaigning for this to happen for many years now and I am delighted that the Chancellor has responded to our calls.
“The impact this will have on people looking for ways to make the most of their savings will be huge with people now able to put in £15,000 a year with much greater flexibility. It will reduce confusion on the differing amounts which could be saved in cash and stocks and shares and more importantly give people more flexibility to earn tax-free interest.
“It is particularly good for first time homebuyers who can now save even more towards their deposit in a tax-efficient ISA.
“The announcement to allow savers to transfer from their stocks & shares ISAs into cash ISAs, as we also called for, is great news and will help those nearing retirement and pensioners who may prefer to have their savings in cash. It is much needed support for ordinary savers.”
Notes to editors:
*HMRC data for 2012/13 shows there were 11.7 million cash ISAs taken out and 2.9 million stocks and shares ISAs.
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the UK’s largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.