Compare Cash ISAs for over 50s...
Cash ISAs for over 50s allow you to protect some of your savings from the taxman, maximising your money. You can save up to £15,000 in a cash ISA in the 2014-15 tax year.
Benefits of cash ISAs for over 50s
- simple to understand
- accessibility is more flexible than that of pensions
- tax-free if used as retirement income
Drawbacks of cash ISAs for over 50s
- additional rate taxpayers receive 50% income tax relief on pension contributions, as opposed to 40% on cash ISAs
- much lower annual contribution limits than pensions
- entirely reliant on personal contributions
- can affect pre-retirement benefit entitlement
Should I opt for a cash ISA over a pension?
Everyone has different savings goals – some of us are at the stage in life where we’re saving with retirement firmly in mind, while others have shorter-term goals. If this is the case, an ISA might be a good way to save some of your money for the short term. However, it's best not to put all your eggs in one basket, so to speak, and most financial advisers would say that it's best to spread your money around when it comes to retirement savings. As with all investments, it’s best to seek independent financial advice if you’re unsure.
Make the most of the cash ISA for over 50s allowance by comparing some of the latest deals from leading UK providers: