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Martin Lewis gives ISA update as savers face major rule change
Lewis said Junior ISA holders should consider investing, noting the money can stay locked away for 18 years and cash rules are changing in 2027.
- On a This Morning phone-in, Martin Lewis urged parents and grandparents to consider investing within Junior ISAs rather than saving cash, citing the 18-year timeline as ideal for long-term growth.
- Junior ISAs generally lock money away until a child turns 18, allowing for nearly two decades of potential growth. Lewis noted that parents with emergency funds should prioritize investing rather than cash savings for these accounts.
- Moneybox Director of Personal Finance Brian Byrnes emphasized that consistency is key when managing ISAs. While the overall annual deposit limit remains £20,000, savers must choose accounts based on their specific financial goals.
- Savers should prepare for April 2027, when the annual Cash ISA limit for those under 65 drops from £20,000 to £12,000. The total overall ISA allowance remains unchanged at £20,000 per tax year.
- For those saving for a first home or retirement, a Lifetime ISA offers a 25% Government bonus on annual deposits up to £4,000, providing up to £1,000 in extra funds annually.
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14 Articles
14 Articles
Wilts & Gloucestershire Standard+13 Reposted by 13 other sources
Martin Lewis gives ISA update as savers face major rule change
Savers are being urged to check their ISA before a major rule change, and Martin Lewis has urged many to consider investments over savings
·Stroud, United Kingdom
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