Moneyfacts.co.uk rep highlights how Isa rates benefit from being tax free

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Moneyfacts.co.uk rep highlights how Isa rates benefit from being tax free

Consumers should not be put off Isas because their interest rates are not as high as other savings products, according to a Moneyfacts.co.uk spokesman.

Darren Cook accepted that many savers are looking at Isas and finding they are not impressed with the return being advertised.

But he noted that a benefit of an Isa is that it offers people tax-free cash in the future, while a long-term fixed-rate arrangement with a higher headline rate would not.

Mr Cook observed that many people use their savings to supplement their income, but he claimed interest rates will not be so low forever.

"Even though interest rates are low people should rethink their capital otherwise they will lose out on their allowance for tax-free interest in the future," he said.

These remarks were made after Fidelity Investment Managers noted there was a significant increase in the number of Isa clients this time in 2009, but 42 per cent of consumers still do not use their annual allowance for such products.

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