Barclays: Consumers not ready for Isa increase

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Barclays: Consumers not ready for Isa increase

Tue 23rd Feb 2010

Many consumers are not prepared for the increased allowance in Isa savings accounts which is due to come into force in April, it has been stated.

According to Barclays, 42 per cent of savers are not aware that the amount they can put away into the tax-free savings accounts is set to rise on April 6th.

Furthermore, 70 per cent of consumers did not know what the top limit was that they could invest into an Isa, with the level changing to £10,200 in April, £5,100 of which can be invested into a cash Isa.

Andy Gray, head of savings for Barclays, said: "We would urge people to review their savings to ensure they don't miss out on their tax-free allowance for this year."

Despite the effect of the recession on many people's finances, Barclays had earlier found that it has not impacted on consumer saving habits, with 53 per cent of people stating it has had no effect on how much they save each month.

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