NatWest has told customers they should be ‘taking action’ and ‘don’t need to know everything’ to do it
NatWest has contacted customers
A leading bank has issued an urgent message to its customers with a deadline fast approaching. NatWest has urged people not to delay, emphasising they don’t need to know everything to act, saying “take that first step”.
The major bank issued the appeal for people to start investing in ISAs (Individual Savings Account) as the deadline to deposit funds from the current financial year is merely weeks away, on April 5. Whilst this is set to change, currently people can invest up to £20,000 annually in either cash or stocks and shares ISAs without paying income or capital gains tax on their returns.
However, once the April 5 deadline expires, this current year’s £20,000 investment allowance will be lost, From April 6 any investment will come from the 2026/27 allowance, reports the Mirror.
People can invest up to £20,000 a year in ISAs at present(Image: Getty Images)
In its message, the bank said: “Every financial journey starts with taking action. Planting a seed today could grow into something meaningful tomorrow.
“You don’t need to know everything about investing to get started, you just need to take that first step. By giving your money a place where it can grow over time, you’re setting the foundations for what comes next.”
“Investing in a Stocks and Shares Individual Savings Account (an ‘ISA’) means your money could grow over time, helping you towards those special life moments. It’s designed with the long-term in mind and has the added benefit of shielding your returns from UK income and capital gains tax. You can start from as little as £50.”
In its Budget last November, the government unveiled alterations to the savings scheme. It had said that the £20,000 ISA allowance will be effectively trimmed so that only £12,000 of this can be allocated to either cash ISAs or stocks and shares ISAs.
The other £8,000 will need to be invested in stocks and shares ISAs. The objective of this switch is to encourage savers to invest more.