Best Cash ISA vs Budget 2015 Scrapping Tax on Savings Interest on First £1,000

It’s that time of the year again when many savers will be busy rushing to capitalise on their use it or lose it £15k cash ISA annual allowance, though having been raised in July 2014 from £5.5k to £15k does not make today’s exercise as big a deal for most savers. Still up until this week it had been a case of ensuring cash is deposited in tax free ISA’s than in taxed deposit accounts. However, now everything may be changing for many if not most savers following the Budget 2015 announcement to scrap tax on the first £1k of interest earned which with today’s abysmal typical interest rates of 1.5% covers savings pots of as much as £65,000!