Nationwide Building Society has urged the government to allow people to switch all or part of their individual savings accounts to cash without losing their tax free status.
According to the organisation, doing so would enable savers to take advantage of the tax savings but also split their money between equities and cash, something it claims would appeal to many holders of individual savings accounts .
Indeed, Nationwide Building Society claims that individual savings accounts should follow the successful model of child trust fund savings accounts, offering customers the chance to manage their finances in a way that suits their needs ideally.
Matthew Carter, divisional director for savings at Nationwide, commented: "We think savers would be more encouraged to make full use of their ISA [individual savings account] allowances if the system was simple to grasp and the differences between the cash and equity options removed."
Meanwhile the Financial Services Authority recently announced that that it would be increasing the limit of Financial Service Compensation Scheme cover to £35,000, a move designed to improve consumer confidence in the safety of their deposits and savings.
Nationwide calls for savings changes
Nationwide calls for savings changes
Tue, 02 Oct 2007
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