The increase in ISA allowances for the over-50s was simply a headline-grabbing attempt by the government that will have little effect on the finances of older savers, Moneynet.co.uk said this week.
Since 6 October, over-50s have been allowed to save £5,100 per year in their Cash ISA rather than £3,600.
Moneynet.co.uk calculated that the average benefit of the increase for basic rate tax payers will be just £4 in extra interest earned.
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