Zurich has reported a 25 per cent increase in new single premium Isa applications on its retail platform between June and July, as more advised customers took advantage of the increase in the annual savings limit to £15,000.
The Nisa was launched on the 1 July and gave savers the ability to invest up to £15,000 per tax year in either cash or stocks and shares, or a combination of both.
Zurich said the growth backs research conducted by the firm in April amongst over 300 advisory firms which showed that 73 per cent of respondents expected an increase in Isa savings over the next five years.
Alistair Wilson, head of retail platform for Zurich, said: “We welcomed the changes to Isa limits and are pleased to see that this appears to be resulting in more customers making use of the increased annual limit and saving more for their future.
“We will continue to develop our platform to ensure that it meets the future changes in both the savings and pensions markets.”
Reaction was mixed after the first few days of the Nisa rules, with warnings that many potential savers were unaware of the changes.
