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06 Feb 2013

A Third Of Brits Not Making Most Of ISAs Said MoneySupermarket

Some 34% of people in the UK have not yet made the most of ISAs with only two months left until the end of the 2012/13 tax year, a new survey conducted between 25 January and 2 February by MoneySupermarket showed on Monday.

Some 8% of over 2,400 respondents said that they would not bother using their full ISA allowance, however, another 15% stated that they planned to save into an ISA this tax year, they just had not used their full allowance yet.

Confusion about how these accounts work was the reason for others for not taking out an ISA. Some 5% said that they did not invest in ISAs because they did not understand them and another 5.7% did not know what their ISA allowance was. The poll also found that 17% of people cannot afford to put money aside at the moment.

However, some 38% of people said that they had already used their cash ISA allowance for the year. Another 5.7% said that they had invested in stocks and shares ISAs, while another 4.9% have split their savings between cash and stocks and shares.

MoneySupermarket.com´s head of banking, Kevin Mountford, said that people with ISA bonus rates about to expire should now shop around for the best rates.

Currently, a person can invest up to £11,280 into an ISA free of tax, including £5,640 which can be saved into a cash ISA. From the beginning of the new tax year, the annual ISA allowance will be £11,520, with £5,760 to be the maximum amount for cash ISAs.

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