Lockdown savings? Put them in an Isa while you can
The Covid pandemic has bolstered many people’s balances – here are some tax-efficient places to put your cash
An Isa could help keep your savings rolling ahead. Illustration: Ryan Gillett
An Isa could help keep your savings rolling ahead. Illustration: Ryan Gillett
Sat 27 Feb 2021 05.30 EST
Isas have fallen out of favour with some consumers but with tax increases potentially on the way to cover the bill for the coronavirus pandemic, experts are urging those with money to save or invest to take advantage of the allowances available to them.
Many Britons have seen their incomes remain much the same but their spending plummet as a result of being stuck at home, and huge sums of cash have built up in bank and building society accounts. Figures from the Bank of England show that households had accumulated £125bn in excess savings by November 2020. And this week the Bank’s policymaker Gertjan Vlieghe said: “Significant fur