MonBS Response to ISA Announcement

Kristy Maloney, Head of Savings, commented on the decision:

“This is positive news for savers. Reducing the annual Cash ISA allowance could have had a significant impact on customers who value the simplicity, security and tax-free benefits that Cash ISAs provide. For many customers, particularly those who are cautious about investment risk, Cash ISAs are an accessible and well-understood way to build their savings. Stocks and Shares ISAs can play an important role for those comfortable with investment risk, but they won’t be the right choice for everyone.

"Reversing the decision protects customer choice and allows people to save in the way that is right for their personal circumstances. It is also positive for building societies, as savings deposits provide an important source of funding that enables societies like ours to support home ownership through mortgage lending and invest in the communities we serve.”

Kristy added: "This decision also provides additional time for us as a building society to consider what broader savings products can be developed and integrated into our current offerings, ensuring customers have access to a range of options to support their individual savings goals."