If you will be over 50 on 6 October, you can start taking advantage of the new Isa limits, says Jessica Bown in The Sunday Times. While most of us won't be able to use the new £10,200 allowance until next April, anyone over 50 can increase their investments to the new limit from 6 October.
But if you invest in your Isa via monthly contributions, you can start reaping the benefits now. Previously, you couldn't invest more than £600 a month without exceeding the £7,200 limit. But you can now up your monthly amount to £850 without hitting the £7,200 ceiling before October, says Hargreaves Lansdown.
But remember that you can't open more than one Isa a year and many providers only accept one payment a year. So speak to your provider about whether you can start making monthly contributions if you don't already do so. If you have yet to open an Isa this tax year ending 5 April 2010 then the best cash Isa currently available, according to Moneyfacts.co.uk, is Barclays Bank Golden Isa, which pays 3.61% annual equivalent rate with no cap on deposits.
Nvidia becomes the fourth biggest company in the world - should you invest?
Chipmaker Nvidia is riding the AI wave, and has overtaken Alphabet and Amazon in terms of market capitalisation. Have new investors missed the boat, or will the share price soar higher?
By Ruth Emery Published
Savings market heats up as providers boost rates - should you switch now for a better return?
In a surprising twist, more and more banks are now hiking their savings rates. Is it a good time to move your money and grab a better rate?
By Vaishali Varu Published