UK Money News
25th March 2008
New ISA limits fail to encourage savers
UK savers do not intend to take advantage of the new Independent Savings Account (ISA) limits when the come into force, a poll has shown.
A study from Nationwide found that 48 per cent of the ISA holders polled felt they will not saving more when the revised limits come into force next month.
The study also shed light on the reasons that are preventing people from using their ISA limit.
It was found that the principal reason cited by 58 per cent savers was they would like to save more but do not have the funds to do so.
Meanwhile, nine per cent said they chose a current account because they perceived this offered them easier access to their money - despite the fact that all ISAs are now instant access.
Matthew Carter, director for savings at Nationwide, said the study's findings highlighted the need for further government-backed promotions to highlight the benefits of ISAs.
He said: "With one in ten ISA holders opting to save in a regular savings account instead of their ISA, it's essential that consumers are educated about the benefits of tax-efficient savings and how most ISAs allow instant withdrawals."
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