View Image

Savers are rushing to open cash ISAs amid fears of a cut to the tax-free allowance at November's Budget.

There is speculation the existing £20,000 ISA allowance could be slashed to £10,000 by Chancellor Rachel Reeves.

And amid fears of a tax raid, people are now rushing to open ISAs to "protect their interest from tax".

READ MORE: HMRC deducting £300 from state pensioners' bank accounts from Saturday

Get our best money saving tips and hacks by signing up to our newsletter

Yorkshire Building Society said it had seen dramatic year-on -year increase in cash ISA activity with a 30% increase in ISA accounts opened and almost 50% increase in balances between February and August 2025 versus the same period in 2024.

Experts say the surge in demand reflects growing concern among

See Full Page