8 April 2008
New Individual Savings Account (ISAs) rules have come into being, something that supporters have said will help consumers.
Under the new regulations, the investment limit on such products, which can be used alongside current accounts, has been increased from £7,000 to £7,200 for a year.
Exchequer Secretary to the Treasury Angela Eagle MP stated that more flexibility will be afforded to consumers now that fresh rules are in place.
"The reforms will also benefit all those people who are thinking about saving in an ISA for the first time," she commented.
She added that more than 17 million people who have already taken out such services will see the positives of the change.
The ISAs will now have now set end date under the new terms and conditions.
Last week, Shelter Offshore noted that people moving overseas could take advantage of keeping hold of current accounts in the UK, so that they can still deal in pounds sterling.