Nationwide reveals Isa ignorance of UK

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Nationwide reveals Isa ignorance of UK

Tue 30th Mar 2010

The survey, which was undertaken by Opinion Matters on behalf of the bank, showed that 27 per cent of people living in the country did not save and the 56 per cent that did used a cash Isa.

Andy Hutchinson, head of savings for the Nationwide, said the survey had helped the company realise the "saving habits" of the population.

He added: "There are very few opportunities in life to beat the tax system but saving … allows you to do just that, which is why I believe every adult in the UK should consider having one."

Nationwide offers customers a range of cash and stocks and shares Isas, including a four-year fixed rate of 4.25 per cent gross AER and a Champion Isa, which matches the average of the current top five rates in the market, while stocks and shares products are managed by Legal & General.

From the beginning of the next tax year (April 6th) the new Isa allowance will be raised from £7,200 to £10,200, although Alistair Darling recently announced in his Budget speech the limit will begin to rise annually with inflation.

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