UK savers could earn £110m with ISAs
UK consumers are not taking advantage of Individual Savings Accounts (ISA)'s that will give them greater returns on their investments.
While two in three people are aware that the accounts exist, a new report from the Investment Management Association (IMA) shows that most people are not using them.
An ISA allows an individual to save up to £7,000 per year tax free, broken down into £3,000 in cash, £3,000 in stocks and shares and £1,000 in insurance.
IFA Promotion reports that by not using the tax-break savings accounts, £110 million is wasted every year that could be earned in interest by UK consumers.
The ISA was created to encourage people to save more for their future. The allure of tax relief was not coupled with penalty charges or a notice period for withdrawing cash, making it an attractive way to save.
However, the latest figures show that a worrying one in 17 people are not saving for their future, and one in three do not save on a regular monthly basis. | 
