Moneysupermarket.com urges consumers to use cash Isa allowance

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Moneysupermarket.com urges consumers to use cash Isa allowance

Consumers have been advised to make the most of their cash Isa allowance by moneysupermarket.com.

According to the price comparison site, more than 15 per cent of people who have saved into a cash Isa before have not done so during this tax year.

As a result, they will not benefit from the £138 extra tax-free interest they could otherwise enjoy.

This also means that about 2.6 million people in the UK are collectively missing out on a total of £362 million.

Kevin Mountford, head of banking at moneysupermarket.com, attributed the lack of saving activity to the current economic climate and rising living costs.

However, he stressed the need for consumers to continue putting money aside "for a rainy day".

"Having at least three months of outgoings in savings is important and utilising your tax-free allowance will ensure you are maximising the returns," Mr Mountford commented.

This comes after the Bank of England's Monetary Policy Committee voted to keep interest rates on hold at a record low of 0.5 per cent.

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