UK Money News
11th March 2008
Brits call for tax-free savings
UK consumers are missing out on the chance to make significant savings due to widely held misconceptions about tax-free Independent Savings Accounts (ISAs), a new study has suggested.
A survey conducted by Alliance and Leicester found that 26 per cent of respondents shunned ISAs because they perceived that the accounts allowed them less access to their savings.
Meanwhile, one-third of those surveyed said they thought that ISAs were not accessible to them because they had not amassed a lump sum.
However, according to Ewan Edwards, head of savings at Alliance and Leicester, both notions are misconceptions and in fact ISAs are more accessible than it is widely thought.
He said: "It's concerning people think you need a lump sum to start an ISA, when you can save from as little as £1.
"And while the idea is to use the tax-allowance to build up a lump sum, there are plenty of cash ISAs available that give you instant access to your money."
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