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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - Switching deals
In need of a cash boost?Providers often entice new customers with cash incentives for moving current accounts. Compare deals and find out how to make the switch:
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
Find out what the measures announced in the 2024 Spring Budget mean for your finances.
The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget to the House of Commons yesterday. It’s anticipated to be one of the Government’s last fiscal announcements before a General Election takes place in less than a year’s time.
In the lead-up to the statement, there was uncertainty as to what the Chancellor could feasibly announce; the UK entered a ‘technical recession’ at the end of 2023, according to data from the Office for National Statistics (ONS), which resulted in a tightening of the purse strings.
Nevertheless, the Chancellor unveiled plans for a ‘UK ISA’, new British Savings Bonds from National Savings and Investments (NS&I) and another two percentage point cut to National Insurance.
The Spring Budget is an opportunity for the Government to update the House of Commons on the state of the economy and to introduce new tax and spending measures.
One of the main take-aways from this years’ Spring Budget is the plan to introduce a new ‘UK ISA’, which aims to “support savers and open up UK retail investment opportunities”.
All we know so far is this new ISA will allow consumers to invest in UK equity, while still benefiting from the same tax-free advantages as other types of ISAs. Furthermore, it will come with its own yearly allowance of £5,000, which is additional to the existing ISA allowance which will remain at £20,000 for the 2024/25 tax-year. The Government is set to consult on finer details.
“The intention of the British ISA is to grow our economy, reward investors and support British business,” commented Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.
However, Springall was quick to highlight that savers “must be conscious of all the ISA options available to them and seek advice if they wish to invest in the stock market”.
Find out more information on ISAs and compare the top easy access, notice and fixed ISA rates using our regularly updated charts.
Meanwhile, the Chancellor also announced new British Savings Bonds from the Government-backed brand, NS&I, are set to go on sale in April 2024.
These new bonds will offer savers a fixed rate of interest over three years for investments between £500 and £1 million.
“NS&I is a trusted brand and those savers who want their money safe and perhaps to support UK businesses could well find these attractive,” said Springall.
Read full story: NS&I to launch British Savings Bond in April
With the interest rates yet to be decided, keep an eye on our three-year fixed bond chart to see how these accounts could compare to others on the market.
Alternatively, if you’re looking for a shorter-term bond, you’ll find top rates in excess of 5.00% AER on our one-year and two-year fixed charts.
After reducing Employee National Insurance contributions (Class 1 National Insurance) in last year’s Autumn Statement from 12% to 10%, the Chancellor revealed a further two percentage point cut will come into effect from the 2024/25 tax year. This will see Employee National Insurance fall to 8%.
Self-employed National Insurance will see a similar cut, falling from 8% to 6%.
“When combined with the autumn reductions, it means 27 million employees will get an average tax cut of £900 a year and two million self-employed will get a tax cut averaging £650,” said Hunt.
However, Laura Suter, Director of Personal Finance at AJ Bell, highlighted this amount will vary depending on your salary:
“For low earners the saving is smaller, as less of their income falls in the band liable for National Insurance. But for higher earners there’s the potential to save up to £754 a year”.
A full list of measures announced in the Spring Budget 2024 can be found on the Government website.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As predicted, the Bank of England voted 8 to 1 in favour of cutting the base rate to 4.75% in November.
As predicted, the Bank of England cut the base rate to 4.75% in November.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
With the new year fast approaching, we asked 2,000 Britons about their saving goals for 2025. Read on to see our breakdown of their answers.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As almost all average savings rates decline, consumers may need to take action to see their money grow in real terms.
As predicted, the Bank of England voted 8 to 1 in favour of cutting the base rate to 4.75% in November.
As predicted, the Bank of England cut the base rate to 4.75% in November.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.