Clydesdale and Yorkshire Banks: Isa deadline imminent

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Clydesdale and Yorkshire Banks: Isa deadline imminent

Mon 22nd Mar 2010

Steve Reid, retail director for Clydesdale Bank, warned against leaving deposits and transfers until the last minute and told customers to act quickly.

He said: "The Isa allowance is not flexible, so beat the deadline and pay less tax."

The two banks offer in conjunction a variable cash rate Isa with a one or three-year fixed rate of three per cent or five per cent gross/AER accordingly.

It was estimated by the banks that ten per cent of investments are usually made in the last two days before the deadline, accounting for £4 billion of savings.

Almost £15 billion was received by the taxman in 2008 and 2009 as a result of customers' mismanagement of their savings, with many people forgetting to make full use of their Isa allowance.

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