Co-operative Bank: ISAs proving less popular

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Co-operative Bank: ISAs proving less popular

The Co-operative Bank has conducted research which reveals that fewer people are taking part in the annual rush to open ISAs this year than normal.

According to the bank, there is usually a rush to open the tax-free savings accounts before the annual deadline for tax-free savings expires on April 5th.

Last year, the Co-operative Bank found that 60 per cent of those who have not yet invested in an ISA did not plan on using their tax-free allowance. This year, that figure has risen to 73 per cent.

Zack Hocking, head of investments at the Co-operative Bank, said that the statistics are "concerning".

He added: "Once the deadline passes, that's it, the allowance is lost forever and people should not be put off saving despite uncertainty in the economy or the stock markets."

Recently, a survey by the consumer magazine Which? revealed that the Co-operative Bank's savings accounts achieve high levels of customer satisfaction.

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