Motley Fool: Now investors can get the most out of their savings due to Budget

So shouldn’t your money work harder for you – without you having to take reckless risks?

George Osborne certainly thinks so, and on Wednesday the Chancellor delivered the most radical Budget for savers in a generation.

By simplifying and dramatically increasing the annual ISA allowance from £11,520 to £15,000 a year – and by scrapping onerous requirements for responsible savers to accept low-rate annuities – individual investors can now take much greater control over their hard-earned savings.

At The Motley Fool, we believe the changes to pensions and ISAs are long overdue and will allow ordinary people like you and me to finally get the most out of our savings.

For too many of us – and for far too long – “saving” has meant the same thing.

Whether our goal is a comfortable retirement; to support our loved ones; or to pay off our mortgage early… too many of us are sinking our hard-earned cash into the worst investment vehicle imaginable: savings accounts.

Each time you deposit money in your bank, know this: you’re actually making a costly investment mistake.

How do you expect to actually grow your wealth when you’re receiving a return that’s below inflation?

To put it bluntly: you’re being ripped off.

Since 1997, The Motley Fool has been on a mission to equip hard-working savers with the confidence and tools to take back control of their finances and unlock the awesome power of the stock market in a proven, sensible way.

Today, with interest rates at their lowest level in three centuries, we believe it’s never been so important to direct your savings away from the banks.

We think the best opportunities to meaningfully grow your wealth come from investing directly in Britain’s most successful companies.

Two of the most popular investing strategies are ‘growth’ and ‘income’, and at The Motley Fool we believe there’s a place for both in just about any investor’s portfolio.

Today, I’m going to share with you two companies ranked highly at The Motley Fool for their strong balance sheets, entrenched market positions, and remarkable potential for growth.

Let’s start with an opportunity to own a share that pays you back – in excess of any savings account rate, too!

Out-of-favour Morrisons (MRW) is a company Yorkshire can be proud of.

It’s held its own in battles with multi-national giants like Tesco and Walmart-owned Asda for decades – and we think the City is wrong to write-off this Bradford-based grocer.

The stock market values Morrisons at just £4.9bn, but the company’s massive property portfolio alone is worth £9bn, and its shops still represent 5 per cent of all retail spending in the UK.

Investors can expect to earn a 6.3 per cent dividend yield over the next 12 months by investing in Morrisons’ undervalued shares today – try and find a savings account paying out that much.

If you’re patient, and willing to give Morrisons time to execute its turnaround, we think long-term investors could see a healthy upward re-rating of the shares too.

If dividend income is less important to you and you’re looking for a more exciting growth opportunity, then you might want to take a closer look at Cambridge-based Abcam (ABC).

This unusually named company sells research-grade antibodies – in plain English, bottles of very specific substances which are used to identify and analyse proteins in laboratory research.

These high-value materials are crucial in research tackling cancer and neurological disorders, and Abcam plays a vital role in sourcing and producing these products from around the world.

Consistency and repetition is key in the field of scientific research, and researchers who trust Abcam’s brand will often make repeat orders over the lifetime of a project, keeping a steady stream of cash flows rolling in.

And with a brand new office just opened in Shanghai, Abcam’s long-term potential in emerging markets could be starting to take shape.

The shares have been slammed by 25 per cent since the company released its half-yearly results this month, and underneath 400p, we think now could be the time to pounce on the shares.

We’ve given you two investment ideas that we believe are much more likely to help you grow your wealth over time than any sub-par savings account can.

But you don’t need to wait until the new ISA rules come into effect this July to start actively building your retirement pot.

You still have time to take advantage of these buying opportunities today by using this year’s ISA allowance before April 5.

So if you’re ready to take an active role in growing your family’s money, grab a piece of some of the UK’s greatest businesses today and say goodbye to miserly savings rates.

• Download a free copy of The Motley Fool’s exclusive investing report, 5 Shares to Retire On. Click here for more information.