With the new ISA allowance just days away for the over 50s, Halifax is urging eligible savers to find out how they can benefit from the new limit increases.

From October 6, anyone aged 50 or over can invest up to £10,200 in a stocks and shares ISA, up to £5,100 of which can be in a cash ISA, which is an increase of £3,000 and £1,500 on the current limits.

The new allowances were introduced by the Government back in April, but have not been made compulsory, although Halifax has chosen to offer the new limits to its customers.

Urging over 50s to make use of the new limits, Flavia Palacios Umana, head of Halifax savings products said: “Customers are welcome to come and visit us in branch for a free savings and investment review to find out how they can make their ISA’s work harder for them and benefit from the new limit increases.”

A survey by Halifax has revealed the average amount saved in ISA’s by Brits aged over 50 is £11,288 as residents in Greater London are making the most of the tax free saving schemes investing on average £12,721.

Meanwhile, people in Scotland appear to be saving the least amount with an average total of just under £9,500.

Commenting, Flavia Palacios Umana, said: ” It is encouraging to see that the over 50’s population is investing in ISA’s but it seems that not all regions are making the most of their tax free savings allowance.”

The new allowances are available exclusively to over 50s until the end of the tax year but will be rolled out for all investors from April 10 2010.

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