More needs to be done to encourage savers to put their money into individual savings accounts (Isas) by showing them the benefits of the products, one financial expert has claimed.
Findings from research from Nationwide revealed that one in ten savers topped up their Isa by more than £3,000 while only 8 per cent of Isa holders increased their limit by over £3,000.
Up to half of those questioned in a recent survey said they would like to save more money in Isas but do not have the funds to do so.
Matthew Carter, director for savings at Nationwide, said that with just over a week to go before the new Isa limits come into force, more needs to be done to encourage people to take advantage of their Isa allowance.
“With one in ten ISA holders opting to save in a regular savings account instead of their ISA, it’s essential that consumers are educated about the benefits of tax-efficient savings and how most Isas allow instant withdrawals,” he added.
The deadline for submitting an application for an Isa is April 5th.
Related Posts
Consumers ‘confused’ by IsasOver 40 per cent of consumers do not know what the current limit is on their Isa according to research from financial experts. Findings from the Alliance & Leicester also revealed that almost 80 per
Changes to Isas will benefit consumers say expertsThe changes to Isas anticipated to occur in April of this year have been welcomed by industry experts. Robin Keyte, a director with the financial services firm Towers of Taunton, said that getting rid of
ISA reforms to allow customers to “mix and match”Proposed government reforms to ISAs will encourage more people to save, financial experts said today.A director at Tax Incentivised Savings Association (TISA), a trade association representing the financial services industry, added that customers would now
New Isa rules need to be publicised moreMore should be done to publicise the changes to the rules surrounding individual savings accounts (Isas), one financial expert has claimed. According to Moneyfacts, the introduction of changes to the rules in the new tax
Isas to be ‘increasingly’ popularThe growing popularity of individual savings accounts (Isas) in the past few years is a continuing trend, an industry expert has said. According to Michael Brill, director of Baronworth Investment Services, people are increasingly putting
Consumers need “rainy day emergency cash”All consumers should aim to save up to six months worth of salary in an Isa as a "'rainy day' emergency cash", according to financial experts. However, Harsgreave Lansdown said that for those who have
Isa investments hit highest levelThe last tax year saw the highest number of subscriptions to Individual Savings Accounts (Isas).Figures from the Tax Incentivised Savings Association (TISA) show that £33 billion was invested in Isas in the year 2006/07.The total
Consumers need to be ‘wary’ of introductory Isa offersConsumers have been warned by a financial expert to tread carefully when considering introductory offers on individual savings accounts (Isas). Bestinvest said that introductory offers emerge when an Isa product first launches, which means
