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74% of people unaware of extended ISA limit


Research from Santander has shown that 74% of people in the UK are unaware of the new higher annual ISA allowance, which increased from £5,760 to £15,000 in July of last year.

The study has shown that 37.4 million people are unaware of the annual, tax efficient savings allowance, which is fast approaching as the end of the tax year nears.

The research also shows that 14 million people are planning to make deposits into an ISA between now and the deadline, 5th April. Out of these savers, 2.5 million will be opening an ISA for the first time. The average amount savers are expected to have deposited throughout the year stands at £4,210 which is just 28% of the maximum allowance. Only about 8% of people will use the full £15,000 allowance.

Out of the people who are aware of the ISA allowance, a fifth said that they are saving more as a result of the increase, a further 18% are using their ISA more than they had previously and 10% are more likely to shop around for an account that offers a competitive rate of interest.

Helen Bierton, Head of Savings at Santander commented:
“Whilst it’s encouraging to see people saving more since the ISA allowance increased last year, it’s really important that people are aware of the new higher allowance. Now is the time for savers to look to make use of their ISA allowances to ensure they take advantage of the tax-free interest available to them and are not paying tax on savings unnecessarily. It’s worth planning ahead this year, as the tax year end also falls over the Easter weekend.”

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