Last-minute savers could be missing out on enough interest to pay for a romantic meal, according to new research.
A study by financial services provider Abbey has found that people who delay investing £3,000 in an individual savings account until April 5th 2007 could be missing out on total interest of £38.54.
This is based on the amount of interest that can be accumulated in Abbey's Easy individual savings account, which offers top-end interest of 5.15 per cent and can be managed via a cash machine or through branch representatives.
Alexia Kilby, head of savings marketing, underlined that there are no restrictions on when savers can put money away during the financial year.
"Many people leave saving in an Isa [individual savings account] to the last minute," she said.
"It is important to remember that people can use their £3,000 tax-free Isa [individual savings account] allowance at any time, not just at the tax-year end."
Last November, Ed Balls, economic secretary to the Treasury, outlined plans for the individual savings account framework to be made permanent after 2010.
The accounts were originally conceived as a temporary scheme to help people who want to start saving money.
Last-minute customers could be missing out on saving money, expert claims
Last-minute customers could be missing out on saving money, expert claims
Tue, 09 Jan 2007
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