UK savers could lose up to £49m if they fail to take ISA action

UK savers could lose up to £49 million if they fail to make the most of their ISA allowance, according to research by Halifax.

The UK's largest ISA provider revealed that most cash ISA savers who topped up their account in the first half of the year are still not making full use of their entire yearly allowance.

ISAs often provide the best savings rates on the market and account holders who do not take advantage of the second half of the year could be letting up to £49 million of valuable tax efficient interest.

Russell Galley, managing director of savings at Halifax, said: "If you have something to save, no matter how large or small an amount, it should be saved in an ISA. There are ISAs to suit every type of saver and we're concerned that so many people are failing to use these valuable savings vehicles."

He added that the introduction of the new Halifax ISA promise ensures that savers get access to the best savings rates without being penalised for transferring their money.

Halifax also revealed that less than 30 per cent of UK consumers have an ISA and are therefore missing out on some of the best savings rates.
 

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2010-10-07 12:36:34 © Moneyextra.com