Nationwide Building Society has renewed its call for the Government to bring the Cash ISA limit in line with the Stocks & Shares ISA limit. Under current rules, £11,280 can be invested into a Socks & Shares ISA, but just £5,640 can be put into a Cash ISA per year.
Richard Marriott, Head of Savings at Nationwide said: “With many first time buyers struggling to raise a deposit and with pensioners relying more on their savings income we believe this is the right time for the Government to act on ISAs.
“Increasing the cash ISA limit and equalising it with the equity ISA limit would simplify and bring about increased fairness to the entire ISA regime in a single stroke. Not only would it bring a much needed boost to groups such as first time buyers and pensioners, it would also send out the right message to all of Britain’s savers, that it is worth saving, no matter how much or how little, in cash or in equity.”