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Glimmer of hope in the UK Cash ISA Market

Personal_Finance / ISA's Jan 16, 2017 - 07:17 PM GMT

By: MoneyFacts

Personal_Finance

Moneyfacts UK Savings Trends Treasury Report data, yet to be published, highlights that the ISA market has seen a small boost for the second month running, which constitutes the first time such a consecutive increase has occurred since 2015.


Charlotte Nelson, Finance Expert at Moneyfacts, said:

“January has seen a few green shoots starting to sprout in the savings market, particularly in the ISA sector, which saw the average long-term ISA rate rise to 1.00%, the first time it has reached 1.00% or higher since October 2016. The number of ISA deals on the market has also increased from November’s low. While the increases both to the overall product number and the long-term ISA average are small, this is the first time Moneyfacts has seen consecutive rises since the last quarter of 2015.

“The start of the year is the time when providers start to look ahead to the ISA season, preparing their offerings in advance to target the savers early to the party, which could explain the recent positive change to long-term ISA rates.

“The positive increase to the average long-term fixed ISA rate will hardly see savers rejoicing in the streets, however, particularly as low rates are still rampant across the savings markets. Furthermore, the Personal Savings Allowance has left savers questioning whether the ISA’s tax-free element is still worth its salt in today’s savings world.

“With uncertainty over where the UK now stands in Europe, higher inflation and the term lending scheme, it is likely we will still see supressed rates for some time to come. Given the limited number of challenger banks in the ISA market, it is likely this area is going to struggle, with ISA season predicted to be a non-event yet again.”

The Moneyfacts UK Savings Trends Treasury Report, out later this month, is a comprehensive monthly overview of current and historical data for the savings and investment market, incorporating written commentary alongside graphs and tables highlighting key trends.

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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