New ISA launches

Commenting on the recent spate of ISA launches, Kevin Mountford, head of banking at moneysupermarket.com, said; "Clearly some providers are looking to maximise their share of the over 50s savings market, with product launches timed to coincide with the extension of the ISA limit for the over 50s.

"Some of the new launches are extremely attractive, especially when you consider the Base Rate looks set to remain at 0.5 per cent for the foreseeable future. Those people prepared to fix their rate for longer periods can find a fair few products in excess of four per cent; however the long term spectre of inflation is likely to put some people off such deals. Fortunately, even the shorter term deals are well above the Base Rate, with Leeds Building Society's 1 Year Fixed Rate ISA, for example, a whole two per cent above the Bank of England's official lending rate.

"Irrespective of whether or not you feel confident in going for longer term fixed rate ISAs, all over 50s savers with the cash should make sure their ISAs are fully topped up on October 6th. With increased taxes likely to become a greater burden on personal finances, any tax free offers we get should be grabbed with both hands."