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Monday 25th February 2008
Around 90 per cent of savers in the UK are not taking full advantage of the benefits of ISAs, new research has shown.
Research from Lloyds TSB Savings found that just eight per cent were found to have taken out both cash and stocks and shares ISAs.
Surprisingly, almost half (46 per cent) of Brits said that they had no ISA at all.
It has also become apparent that there is a low level switching providers for the best deal, with just 13 per cent saying that they had transferred their savings in this way.
Of those that haven't switched 26 per cent said that they "could not be bothered" to change providers - and only 27 per cent knew that it was even possible to do so.
Financial expert and TV star Alvin Hall said of the study: "If you've got the funds to invest in an ISA and you’re not doing it, it’s like throwing away free money.
"With the tax year end approaching, now is the time to use it or face losing the tax-free benefits altogether."
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