Cash point

THE ISA season should be in full swing as we start a tax year. But Nationwide made a lame attempt at increasing rates with 0.75 per cent for locking cash away for a year and 1.65 per cent over five years. People with smaller savings, and who can take advantage of the £1000 Personal Savings Allowance, may be better off considering Charter Savings’ 1.01 per cent easy access or 1.46 per cent one-year fixed bond. WITH TRICIA PHILLIPS LOW-INCOME families are being hit hard by new rules on child tax credit and universal credit which came into force yesterday. There is now a limit of two children for which families can claim the child element, which is worth up to £2780 per child per year.

Third and subsequent children born after April 6 will not be eligible for this Government payout that helps with child costs.

According to Child Poverty Action Group, this will hit working families with three children the most. Chief executive Alison Garnham said: “This is a particularly pernicious cut because it suggests some children matter more than others.

“Families that can comfortably support a third child today could struggle tomorrow and have to claim universal credit because health, jobs and relationships can fail.”

Official annual poverty data shows child poverty rose for a second year running and four million children are now classed as living in poverty.