Consumers not taking advantage of cash Isas, says Fidelity

www.moneynews.co.uk > Banking > Consumers not taking advantage of cash Isas, says Fidelity

Consumers not taking advantage of cash Isas, says Fidelity

Tue 5th Oct 2010

Consumers who are attempting to save money are not getting returns as good as they could be as they are ignoring their Isas.

According to research from Fidelity, up to 90 per cent of people are now looking to set money aside, but 42 per cent of people in the UK are not taking advantage of their Isa allowance.

Carried out to mark the first anniversary of the increased Isa investment levels, the study also found that just one in ten people are making the most of the money by also using the stocks and shares Isa limit that is available to them.

Tom Stevenson, investment director at Fidelity Investment Managers, said: "Isas are a fantastic use-it-or-lose-it tax perk - no further tax to pay ever and a generous £20,400 allowance for a couple."

Prospective savers may have been pleased to hear that the Halifax Cash Isa Promise has been introduced, meaning that interest at the headline rate will be paid from the day the application is received by the institution.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'