Savers waste A?35m by ignoring ISAs

Savers waste A?35m by ignoring ISAs

Savers are being urged to make full use of this year’s ISA allowance before the 5 April deadline.

Unbiased.co.uk warned that Brits are set to unnecessarily spend A?35 million on tax this year because they haven’t bothered to put their savings into an ISA.

Research by the financial advice website found that 5.9 million adults in the UK have a savings account but no ISA.

Their study also discovered that only one in ten savers definitely plan to save more in the next financial year because of the increase in ISA limits from A?7,200 to A?10,200.

“With experts reporting that interest rates could remain very low for the foreseeable future, it is more crucial than ever for consumers to make sure their savings are working hard for them,” saidK aren Barrett, unbiased.co.uk chief executive.

“Now is the time to take advantage of tax efficient saving and ensure you are not gifting unnecessary money to the taxman.

“Savers should use the time they have before the tax year end to make sure they have made the best use possible of their annual ISA allowance.”

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