First Direct ISAs reveal UK savers' waste

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First Direct ISAs reveal UK savers' waste

Tue 12th Apr 2005

UK consumers loose over £467 million in tax payments by not taking advantage of their full ISA allowances, according to First Direct ISAs.

According to the bank only 16 per cent of the UK's 30 million savers are investing in ISAs.

Commenting on the findings, First Direct's chief executive, Richard Kimber, said: "No one likes to pay the taxman more than they need, yet 83 per cent of savings accounts are still not held tax efficiently.

"Not only does our mini cash e-ISA pay the highest rate on the market, but the fact that it can be managed online means that it's ideal for people living a 24-hour lifestyle."

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