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Monday 17th March 2008
Savers are failing to maximise their money because they are wary of independent savings accounts (ISAs), it has been shown.
A study conducted by Nationwide found that 62 per cent of the UK adult population do not currently hold an ISA, which offer higher rates of interest than standard accounts.
The principal reason cited were lack of understanding of what are perceived to be complex investment products.
Another dissuading factor was the idea that such accounts do not offer holders instant access, despite the fact that all accounts now being instant access.
Matthew Carter, director for savings at Nationwide, called on savers to take advantage of ISAs and urged the government to do more to promote them and dispel misplaced perceptions about them.
He said: "We look to the government to take action and encourage more people to use their ISA allowance and listen to the industry when deciding how to move the savings vehicle into the 21st century."
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