521 | Millions pile savings into ISAs - why they're entirely right
Summary
Steve Alderton and James Andrews discuss the record £12 billion surge into Cash ISAs in April, driven by higher interest rates and upcoming tax changes. They explain why shifting savings to ISAs is crucial before the annual allowance drops from £20,000 to £12,000 for under-65s. The episode also covers various ISA types, including Lifetime and Innovative Finance options, and highlights current top-paying accounts like those from Oak North and Moneybox.
Topics discussed
Introduction and episode overview
Record £12bn surge into Cash ISAs
Impact of rising interest rates on tax allowances
Easier ISA rules and multiple accounts
New savings tax rates and ISA limits
Rush to save before limit drops to £12k
Tax changes for cash in Stocks & Shares ISAs
Moving funds from investments to cash ISAs
Overview of ISA types: Junior, Lifetime, Help to Buy
Innovative Finance ISAs and peer-to-peer lending
New ISA allowance structure for under 65s
Premium bonds and lottery tax myths
Stamp duty and inheritance tax on ISAs
Inheritance tax loopholes and agricultural land
Top paying Cash ISAs and savings strategies
Conclusion and resources
Listen ad-free on Castria