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Up to extra £600 tax free for Isa customers

Isa account holders will soon be able to save an additional £600 tax free from April.

Moneyfacts has highlighted the changes to Isas which come into effect at the beginning of the new tax year. Savers can currently have up to £3000 in cash in their account but this will rise to £3,600 on April 6th.

Rather than mini- and maxi-Isa with differing limits there will be one limit of £7,200. Account holders will also have the option to invest the entire amount in stocks and shares.

Michelle Slade, spokesperson for Moneyfacts, welcomed the changes made. She said: "That can only be a good thing.

"They've simplified it a lot and that's going to make it better for anybody who wants to take out an Isa – it will be more attractive for them."

The Bradford and Bingley announced today that from the April 6th customers can take advantage of a 6.25 per cent annual equivalent rate (AER) on their fixed rate Isas.

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