Changes to ISA Rules for People Over 65

Next year, some ISA rules will change.

Some people will not have to follow the new ISA rules.

The government is changing some cash ISA rules from April next year. This is to encourage people to invest their money instead of saving it in cash accounts. One big change is that the cash ISA limit will go down from £20,000 to £12,000.

The government wants to make sure the new rules are fair for everyone. They are checking to see if there are any problems with the rules. People under 65 will have to follow most of the new rules.

The changes start next April, so people born after 1962 will be affected first. There are some key changes for people under 65.

People over 65 can move money from non-cash ISAs to cash ISAs.

These are the changes:

When you turn 65, some rules will change back. You will be able to put up to £20,000 in a cash ISA again. You will also be able to move money from non-cash ISAs to cash ISAs. For example, if you were born in May 1963, you will turn 65 in May 2028.

So, in April 2028, you will get the £20,000 limit back. This will help older savers keep their cash safe from investment risks.

There are some new rules that will still apply to people over 65. These rules are to stop people from using non-cash ISAs like cash ISAs.

Some other cash ISA rule changes will apply to everyone.

This includes:

The other annual ISA limits will stay the same.

The government might replace the Lifetime ISA with a First-Time Buyer ISA. They will release more details about this later.

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