Savers urged to beat the early Isa deadline

Up to 1.5 million savers could miss out on their 2009-10 Isa allowance by leaving it too late to visit their bank, it has been reported.

According to research conducted by Clydesdale and Yorkshire Banks, as many as ten per cent of savers do not invest in an Isa until the last two days before the deadline.

This means that ordinarily, up to £4 billion worth of investments are made in the final 48 hours of the year.

With the tax year ending on April 5th 2010 – immediately after the Easter bank holiday weekend – all applications must be received by April 1st to be effected in time.

As Steve Reid, retail director at the Clydesdale Bank, explained: "The Isa allowance isn't flexible, so beat the deadline and pay less tax."

Consumers aged over 50 can place a total of £10,200 in Isa accounts this year, while other savers have a total tax-free allowance of £7,200.

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2010-03-22 12:53:08 © Moneyextra.com