U3A Investment group web page Please let Janet know if you find this useful ISAs Click here for a warning for those either living abroad now, or thinking about it in the future and have ISAs. Changes to ISA reforms from April 2024 - Martin Aitken Changes to be introduced from April 2024 include: Partial transfers between ISA providers will be possible during the tax year. For example, if £15,000 has been paid into a cash ISA since 6 April, £5,000 could be moved to a different provider. Currently, the whole £15,000 would have to be moved. The Age for an ISA has been raised from 16 to 18. A new ‘British ISA’ will be offered by some providers, allowing and extra £5,000 to be invested in British Companies on the stock market. This is on top of the current £20,000 pa. We are waiting to see how this will be implemented. A Bond called The British Savings Bond will be issued by NS&I for people who want to lock away between £500 and £1 million for 3 years at a fixed rate. But they say the rate will be ‘mid range’, which is around 3% and it is taxable…… We await their news. Below are the Martin Lewis’s ISA rates as at 28/2/24. Click here to go to his ISA page for the latest rates. All have Financial Services Compensation Scheme savings protection of up to £85,000. Top easy access ISA rates shown are: Moneybox 5.09% Zopa 5.08% Virgin Money 5.06% Charter Savings Bank 5.03% Harpenden BS 5.01% One year ISA rates shown are: Shawbrook Bank 5.03% OakNorth Bank 5.02% Aldermore 5% Virgin Money 5.25% Two year ISA rates are: Shawbrook Bank 4.69% UBL UK 4.68% Zopa 4.67% The three year rates are even lower at present, so best to leave them for a while. *** *** *** *** *** *** *** *** *** The Personal Savings Allowance (PSA) tax gap; currently £1000 pa (£500 for higher tax payers) From Money Saving Expert web site So April 2021 when the bank rate was 0.1%, April 2023 it was 4.25% On £20,000 you would get £20 interest in 2021, but £850 interest (flat rate) Current rate is 5.25% so that would be £1050 At the current rate (17/9/23) you need £16250 at the highest rate to go over the PSA (MSE) Investments. If you have an investment (or you were advised to invest) and the provider or adviser has gone out of business, you may be able to claim compensation with FSCS. Whether you already have an investment or are thinking of investing, you should check that it's FSCS protected.