Chancellor Philip Hammond revealed a change to the way National Savings& Investments (NS&I) premium bonds work, too.
Here, we round up what's changing about personal savings and explain how to get the most out of your personal accounts.
The Junior Isa allowance will increase in line with CPI inflation from April 2019 to £4,368.
Junior Isas are tax-free savings accounts for under-18s. They can be opened by parents or guardians of children born on or after 3 January 2011, or before 31 August 2002.
Money placed into a Junior Isa can be accessed once the child turns 18. After this point, it will become a full Isa subject to the adult threshold of £20,000.
You can see changes to the Junior Isa allowance in our graph below:
A new premium bonds app will be launched as well to help make 'saving with NS&I easier than ever'.
Instead of paying interest like a traditional account, each premium bond is entered into a monthly prize draw and winners are selected at random by NS&I.
Premium bonds offer the potential to win tax-free prizes of between £25 and £1m every month. NS&I is backed by the Treasury, which means that your money is 100% safe.
Check out our short video below to find out more about premium bonds.
Remember that your allowance does not carry over into the next tax year, so consider topping up where possible.
You can see how the Isa allowance has increased in recent years in our graph below.
Introduced in April 2017, the Lifetime Isa is a tax-free savings or investments account which allows adults aged 18-39 to save up to £4,000 a year. For every £4 saved, the government will add £1 (worth up to £1,000 every tax year until the saver turns 50) - as long as the money is either used to buy the saver's first-ever property or put towards their retirement.
The bonus is paid every month, allowing savers to benefit from compound growth.
The Lifetime Isa rates are set to remain the same for the upcoming tax year.
Help to Buy Isas are tax-free savings accounts aimed specifically at people saving to buy their first home.
For every £200 contributed, the government will add an extra £50 towards buying your first home, up to a maximum of £3,000. The bonus is paid to your solicitor upon completion of your property purchase.
The £3,000 allowance on Help to Buy Isas will stay the same for the 2019-20 tax year.
Help to Buy Isas will only be available until 30 November 2019. After this date,no new accounts can be opened but existing account holders will be able to keep saving and qualify for the bonus.
The table below shows the historical Isa allowances since the 2016/17 tax year.
|Adult Isa allowance||Lifetime Isa allowance||Help to Buy Isa allowance||Junior Isa allowance|
This allowance allows you to earn interest of up to £1,000 tax-free if you're a basic-rate (20%) taxpayer, or £500 if you're a higher-rate (40%) taxpayer.
Additional-rate taxpayers - people who earn over £150,000 - don't receive a personal savings allowance and will have to pay tax on all interest that they earn.
The examples below show how the personal allowance works in practice for basic and higher-rate taxpayers:
Eligible parents or guardians will receive £20.70 for their eldest/only child and £13.70 for each additional child.
Child benefit is a monthly payment from the government to anyone who is responsible for a child and you don't necessarily need to be the child's parent to receive it.
The table below shows current child benefit rates for 2019-20.
|Child benefit rates 2019-20|
|Number of children||Weekly child benefit||Annual child benefit|
Updated at 18:47 on 29th October 2018