Principality launches new Isa as study shows millions miss out

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Principality launches new Isa as study shows millions miss out

Around two thirds of all UK savers do not have an Isa, despite the tax-free benefits of such products, the Principality Building Society has reported.

Of those consumers polled in the building society's study, 84 per cent confirmed that they have a monthly savings account in place.

However, just 28 per cent revealed that they have either got or are about to take out an Isa, suggesting that millions of Britons are missing out on higher-than-average interest rates and tax-free returns.

James Wright, marketing director of Principality Building Society, said: "Isas have always been a must-have for every saver, but with the current low-interest rate environment they make more sense than ever before, so it is worrying that many people are unaware of the tax-free benefits of an Isa.

"The danger of ordinary savings accounts that pay hardly any interest at all is that people won't bother to save."

This advice coincides with the launch of Principality's own five per cent regular saver Isa, into which savers are able to make payments by standing order as well as cash or cheque.

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