Closed petition Increase personal savings allowance

Closed on 7 February 2024

Current limits are low and don't promote savings, specially for higher and additional rate tax payers. With the increased cost of living and inflation banks have increased savings rates but with the high taxation it defeats the purpose.

The Goverment should be doing their best to support the population in current times. With increased cost of living, inflation, savings become key product a large number of the population is dependent on to earn some interest.

Current accounts offer almost no interest and hence money sitting in accounts loses value due to inflation. Savings products are key and hence the limits should be increased.