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Martin Lewis gives ISA update as savers face major rule change
Lewis said Junior ISA holders should consider investing, noting the money can stay locked away for 18 years and cash rules are changing in 2027.
- On a This Morning phone-in yesterday, Martin Lewis urged parents and grandparents to consider investing rather than saving within Junior ISAs, arguing the 18-year timeline suits long-term growth.
- Junior ISAs lock money away until a child turns 18, creating nearly two decades of potential growth. Lewis noted that parents with existing emergency funds should prioritize investing over cash savings for these long-term accounts.
- Brian Byrnes, Director of Personal Finance at Moneybox, emphasized that consistency is key when managing ISAs. He noted the overall annual deposit limit remains £20,000, requiring savers to align accounts with specific financial goals.
- Savers should prepare for April 2027, when the annual Cash ISA limit for those under 65 drops from £20,000 to £12,000. The overall ISA allowance remains £20,000 per tax year, and existing savings will not become taxable.
- For those saving for a first home or retirement, a Lifetime ISA offers a 25% Government bonus on annual deposits up to £4,000, providing up to £1,000 in extra funds yearly. Product rules may evolve by 2028.
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Wilts & Gloucestershire Standard+11 Reposted by 11 other sources
Martin Lewis gives ISA update as savers face major rule change
Savers are being urged to check their ISA before a major rule change, and Martin Lewis has urged many to consider investments over savings
·Stroud, United Kingdom
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