Not all over 50s are making the most of their ISA tax free savings allowance 
(30/09/2009)
New research from Halifax reveals that the average amount saved in ISAs by Brits aged over 50 is £11,288. Unsurprisingly, over 50s residents in Greater London are making the most of their tax free savings allowance (£12,721). This is almost a full year's current Cash ISA allowance ahead of over 50s residents in Scotland (£9,490). At local authority level, over 50s residents in Kensington and Chelsea top the ISA table with average ISA savings of £14,772.
Of the ten local authorities with the highest average ISA allowance, seven are in Greater London, with the other three in the South East. Regions in the South dominate the top twenty five local authorities with the highest average ISA balances for over 50s Brits.
Flavia Palacios Umana, Head of Halifax Savings Products said, "It is encouraging to see that the over 50s population is investing in ISAs but it seems that not all regions are making the most of their tax free savings allowance. Customers are welcome to come and visit us in branch for a free savings and investment review to find out how they can make their ISAs work harder for them and benefit from the new limit increases."
In this year's budget, the Chancellor announced that cash ISA limits would increase from £3,600 to £5,100 and stocks and shares ISAs from £7,200 to £10,200. Halifax is ready to facilitate top ups to all its ISA products and is writing to all ISA customers born on or before 5th April 1960 to invite them to top up their existing tax year allowance.
Halifax customers who are over 50 and have invested in an ISA this year can top up using a number of methods. Fixed Rate ISA customers can either visit a branch or top up via the telephone. Variable Rate ISA customers can visit a branch, top up by phone or via the internet if they have internet banking.
Related categories: Invest in Financial products
