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Most people do not know Isa limits

By Sarah Engle, Mon 15 Mar 2010 - Published in Banking

Most people have an awareness of Isas, but many do not know about the change in their limits, a new poll has found.

A survey by Lloyds TSB revealed that 86 per cent of respondents know an Isa is a savings product and 62 per cent understand that the accounts have a tax-free allowance.

However, just 11 per cent are aware that the current cash limit is £5,100 for the over-50s and £3,600 for everyone else, while only nine per cent know the cash Isa limit will rise to £5,100 for everyone over 16 from April 6th.

Richard Davies, senior savings manager at Lloyds TSB, said: "It is really positive to see how many people are Isa aware and understand the benefits cash Isas offer. However, it is obvious that there is some confusion surrounding the increase in cash Isa limits."

Last week, research by Saga found that 37 per cent of over-50s have topped up their Isa since limits were increased to £5,100 for a cash account and £10,200 for an investment product.