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Just 15pc use full ISA allowance

Only 15pc of savers have used their full ISA allowance this year, according to figures released by Halifax.

This means 85pc of Halifax ISA customers still have the opportunity to deposit money into their account, before the start of the new tax year on 6th April.

Richard Fearon, head of Halifax Savings, said: “Just 15pc of savers that have funded their ISA with us this year have reached the maximum limit, so the potential for further tax-free saving over the next month is huge”

Highlighted within the report were the stark differences in savings balances between those of different age demographics. Those aged between 25 and 34 have an average account balance of £2,712, leaving an average of £2,928 unused out of the current annual limit of £5,640.

Savers aged between 35 and 44 have an average balance of £4,389, which rises again for those aged between 45 and 54 to £7,330. Older savers have the highest balance in their ISA’s, with those in the age bracket of 55 to 64 averaging savings pots of £11,809.

It is important to use as much of your ISA allowance as possible before the deadline on 5th April, as anything you don’t use this year will be lost.

For more information on ISA’s and making the most of your allowance, please see our blog. Alternatively if you have any questions about your savings please contact one of our advisors who will be happy to help.

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