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Newsletter

ISA saving 'needs to be efficient'

By Sarah Engle, Wed 9 Feb 2011 - Published in Banking

Savers in the UK have to ensure they are using their ISAs in the most efficient manner possible, an expert has asserted.

Robin Bailey, director of savings and investments at Nationwide, estimated that cash ISAs save consumers more than £680 million a year in tax payments, but pointed out that this is dependent on people making best use of the accounts.

"Although ISAs have been available for quite some time now, we believe that around two-thirds of eligible people do not have a cash ISA and only one in seven has a stocks and shares ISA," he continued.

Mr Bailey also stressed the need for people to make full use of their tax-free allowance each year, as they are not allowed to roll this over if they miss the deadline.

Last month, Tax Incentivised Savings Association director general Tony Vine-Lott highlighted the continued success of ISAs, noting that more than 20 million people now hold one of the accounts.