ISA parity


What should the Government do to make ISAs simpler and encourage more people to save tax-free?

​We think it is confusing that the cash ISA limit is half that of the equity ISA limit, so we are calling on the Chancellor to increase the cash limit so it is in line with the equity limit.  Read our story on ISA parity.

But what else do you think the Chancellor could do to get more people using their tax-free savings allowance?

SCROLL DOWN to see what others have said, or to send your own comments

Agree (31)

Posted by Nationwide Member Engagement team

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Everhopefull said:

A cash pension isa where the goverment pays in a percentage of your income tax, this side of the isa cannot be touched untill you are 65

Agree (9)

Date posted - 17/07/2013 13:25:40

ClipTheApex said:

All savings should be tax-free. We are currently taxed on income, on spending, on saving and on inheriting - four times for the same that originally was earned.

Agree (60)

Date posted - 17/07/2013 13:17:00

Gransbank said:

I think all Child Trust Funds should be converted into Child ISAs so that all children have ISA parity. Meanwhile, Nationwide should make sure that the interest rates on both types of account are kept the same

Agree (21)

Date posted - 21/03/2013 16:44:48

TMC said:

Totally agree. Well done Nationwide!

Agree (3)

Date posted - 21/03/2013 16:43:59

Kingsbury Lamb said:

with the current rate of inflation running at 3.3% currently I cannot find a cash ISA rate that will keep up with that.Why should anyone want to put more money into cash ISA's. By investing into one, in this current climate is guaranteeing that the buying power of their money will diminish over the next 12 months. Find a good independant financial adviser to find an investment ISA that will really look after your money and make it work for you.

Agree (25)

Date posted - 18/03/2013 14:36:51

Johnno said:

It's possible to transfer money direct from a Cash ISA to equity ISA. But It's not possible to transfer money from an equity ISA to a Cash ISA. There should be parity here too.

Agree (34)

Date posted - 18/03/2013 14:33:22

saver said:

Obviously Nationwide would like to see the cash ISA limit raised so that people increase their level of savings with the society. However, there's not much point in saving via a cash ISA when the interest rate is consistently running below inflation. Better to use a stocks and shares ISA to at least give a reasonable possibilty of a positive rate of return. If people are worried about risk they can always invest the funds in bonds rather than equities - only slightly riskier than a cash ISA. The original rationalisation of a higher limit for stocks and shares ISA savings was to encourage small private investors to take a stake in British industry. I can't see that anything has happened to change the need for that incentive!

Agree (19)

Date posted - 18/03/2013 14:33:04

mikeclark said:

I think thats a marvelous suggestion, the majority of savers would put more money in,which could help to kick start the building industry.thats hope the goverment will take notice??

Agree (6)

Date posted - 18/03/2013 14:32:17

Sheepdogcity said:

I would like to see the tax paid on ALL savings accounts adjusted so that only that part of interest which exceeded inflation is treated as income and taxed as such. I think it would be much fairer all round to do this, perhaps even winding up the ISA scheme altogether.

Agree (42)

Date posted - 18/03/2013 14:31:19

Cyclops said:

I agree that the cash and equity limits for ISAs should be the same. While it is possible to convert a cash ISA into an equity ISA it is not currently possible to do the reverse. It should be made possible to convert an equity ISA into a cash ISA. It makes sense to convert cash into equities when the stock market is low and convert equities into cash when the stock market is high, thus maximising and protecting one's savings and investments. Interest rates should be raised or allowed to float to their natural market value. After all, the only money available for borrowing is what people save. They should get a fair return for the use of their money. Higher interest rates on savings and cash investments could be used to solve the pension and benefits crises. A nominated tax free pension/unemployment account in a bank of the person's choosing would cut out the cost of fund management and, at 5% of income invested annually at say 10% would give a pension of twice average income ove

Agree (13)

Date posted - 18/03/2013 14:30:52

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