Londoners are not making the most of tax-free savings

Around half of the people living in London are saving for their financial security but most of them are not maximising their returns by securing the best savings rates, it has been claimed.

Research carried out by Fidelity Investment Managers revealed that 44 per cent of people in the capital do not have an ISA and are missing out on tax breaks open to them.

The survey of 30 UK cities found that London is in the top ten UK cities saving the most money each month with residents saving an average of £200 a month.

Rob Fisher, head of UK personal investment at Fidelity Investment Managers, said: "It is great news that Londoners are saving so much each month, but with rising taxes savers and investors really should make sure they put as much as they can in their ISA each year."

The government recently announced that the ISA allowance will increase by £480 from its current level of £10,200 to £10,680 in April 2011.
 

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2010-11-16 12:38:58 © Moneyextra.com