Major rule changes around cash ISAs have been confirmed, dealing a blow to millions of savers.

But a key detail of the new rules is that pensioners will be shielded.

Chancellor Rachel Reeves has announced the £20,000 cash ISA limit is being cut to £12,000.

READ MORE: Rachel Reeves confirms new tax perk for state pensioners

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However, this will only apply to people below the age of 65.

This means pensioners will still get to enjoy the existing limit and put up to £20,000 a year into the accounts and not get taxed on interest.

New cash ISA rules will take effect from April 2027.

It means younger savers will not be able to put as much money into the tax-free accounts.

It's hoped it encourage more households to in

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