The Money Stop

Many Brits will miss out on significant tax free savings this year, according to research from financial experts.

Findings from moneysupermarket.com have shown that while only 32 per cent of Brits plan to invest in an individual savings accounts (Isas) this year, only 27 per cent know the allowance for these tax free investments will be increased from £3,000 to £3,600 per year as of April 5th.

Kevin Mountford, head of savings at moneysupermarket.com, said: “It is disappointing so many Brits won’t take advantage of this excellent savings vehicle.”

“With just a third of people looking to utilise their tax free Isa allowance it looks like many people will miss out,” he added.

According to moneysupermarket.com, cash is the most popular option for those planning to invest in an Isa with 73 per cent saying this is where they will put their money.

Meanwhile, the finance experts recently said that savings providers are introducing more online products due to the increase in the number of ’silver-surfers’.

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