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Over 50s getting a raw deal on ISA investments

Despite the fact that UK government changes in ISA regulations will allow the over 50s to invest an extra £1500 a year from this Tuesday it would appear that the interest rate receivable on the increased amount is lower than for standard ISAs. The Principality Building Society for one is offering a rate of 3.8% on the 50 plus fixed ISA which is 0.4% below the amount paid on standard ISAs. The situation at the Newcastle Building Society is even worse with a rate of 0.5% against 2.5% for standard plans.

It is unclear as to why the over 50s appear to be receiving such a raw deal on their ISA investments at a time when the UK government has been championing their case and looking to increase interest on their savings. At the end of the day UK financial institutions will now have access to more funds on deposit which they can then use to increase the capacity of their own businesses. However, the significant difference in interest rates available on ISA plans is something which will be brought to the attention of the UK government although ultimately there is very little it can do.

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