“There are plenty of goodies in today’s Budget, particularly the creation of the new Lifetime ISA. There is understandable concern that younger people do not have the means or incentive in today’s low interest rate environment to save for a rainy day or for goals such as a deposit for their first home. The take up of the Help to Buy: ISA proves that younger savers will put money away if they’re rewarded and I suspect the Lifetime ISA will be just as popular. It’s an important announcement and something we welcome strongly. I don’t believe that this will kill off pensions, but it is certainly a more flexible and simpler product for a generation who need to save more.
“Along with the Personal Savings Allowance which comes into force in April this year, followed by the increase to the ISA allowance from April next year, this can only help savers in the long term and is a good outcome for all.”
For further enquiries, journalists can contact:
Rachael Snelling, Aldermore
Phone: 0208 1853 102
Adam Taylor, Cicero Group
Phone: 0207 297 5971
Aldermore Group PLC is a specialist lender and savings bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homebuyers and individuals, who we believe are often under- or poorly served by the wider market. Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK. Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be. Established in 2009, Aldermore has grown significantly. At the end of December 2015, lending to customers stood at £6.1 billion and customer deposits totalled £5.7 billion. For more information, please visit www.aldermore.co.uk.
Aldermore Bank PLC is an operating entity of Aldermore Group PLC. In March 2015, Aldermore Group PLC’s shares (ALD.L) listed on the Main Market of the London Stock Exchange. Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.
Notes to Editors:
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.