Savers plough £5bn into New ISAs in July

Almost £5bn flew into ISAs in the space of only a month as savers rushed to take advantage of new rules allowing them to save up to £15,000 tax free.

Figures from the British Bankers' Association show that the £4.9bn deposited in ISAs in July was more than half the amount recorded this year, the Times reports.  The rush was driven by the introduction on July 1 of new ISAs, following changes in the Budget. Chancellor George Osborne upped the amount of tax free money savers can squirrel away into an ISA - current or new - to £15,000. They can use the full limit for either cash, investments or a mix of both - a change from the previous rules which only allowed half of the allowance to be held in cash. > Read: The New ISA: What s...