Those with cash based individual savings accounts (Isas) could be missing out on a total of £23 million in tax free interest, it has been claimed.
A study conducted by Marks and Spencer Money found that around one in three people with a cash Isa are not taking full advantage of their tax-free allowance .
Brendan Cook, chief executive of Marks and Spencer Money, said: "With an estimated 2 million new cash Isas to be opened in the current tax year, savers could be losing out on a huge amount of tax free interest ."
He added that with the tax-free allowance increasing from £3,000 per person to £3,600 from April 6th of this year, it will become even more vital that people make the most of their cash Isas.
Last week, Adrian Lowcock of Bestinvest said that one way to get good value on an Isa was to search for a broker who only took a low rate of commission.
Isa savers could be missing out, expert warns
Isa savers could be missing out, expert warns
Mon, 25 Feb 2008
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