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ISA holders could lose on savings front

New regulations coming in on 6 October will increase the annual ISA allowance from £7,200 to £10,200 there are fears that those who have existing ISAs and looking to top up in the future may well miss out on the best savings rates. The amount each person is able to push into a cash ISA will increase from £3600 to £5100 but it looks as though only those taking up new plans will be eligible for the high interest rates now on offer.

There is certain to be a significant amount of competition on the UK high street as banks and building societies look to attract as much money into their deposit accounts as possible. Not only will this give them greater sway on the high street but it will also give them access to new funds which can then be used to finance their existing operations. This is set to be an enormous battle between the likes of HSBC, Abbey and the rest who are all gearing up to try and attract as many customers as possible.

However, is it right that existing customers will miss out on the best rates simply because they have been there for some time? Is there no loyalty in the UK financial sector?

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