Welsh people urged to invest in Isas

People in Wales have been urged to look into the best Isa savings interest rates available, as they could be missing out on millions in lost interest.

New research from the Principle Building Society has revealed that over a third of people in Wales are failing to take advantage of their tax-free savings allowance.

It also found that more than half of welsh savers were unaware that they do not have to pay tax on their interest earned on cash Isa accounts.

"Savers who have been filling up their cash Isa's since they first launched in 1999 could have as much as £60,000 held safely out of the tax man's reach, which means that basic rate tax payers have kept 20 per cent more," Principality's savings manager, Kate Murray explained.

However, she added that once people have invested their money in an Isa, it is important to review it yearly to ensure they are getting the best savings interest rates available.

As the end of the current tax year approaches and competition hots up between banks, now is the perfect time to get the best savings rates on Isas.

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2011-03-14 15:44:07 © Moneyextra.com