Savers face new restrictions on how much they can put into cash ISAs. During today's Budget statement, Chancellor of the Exchequer Rachel Reeves announced the cash ISA limit will fall from £20,000 to £12,000.

This limit will come into force from April 6, 2027. It is thought this move will encourage more people to invest rather than only saving in cash. But it will only affect new money being put in - not money already in ISAs. It also won't apply to people over the age of 65.

However, it's crucial to understand that the overall ISA allowance of £20,000 remains unchanged. Only the cash ISA portion has been reduced.

According to The Independent , this means savers can still use the remaining £8,000 of their yearly allowance across other tax-free savings products. For instance, you could

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