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21/02/2012 15:31:57

Don't give money to tax man, savers urged

Savers have been urged to take full advantage of interest free ISA accounts after new figures revealed the difference it can make to long-term finances.

MoneySupermarket.com says that a saver who had invested the full allowance in an ISA ever year since they were first introduced in 1999 would now be £3,832 better off than someone who had put their money into a savings account.

Higher rate taxpayers would have missed out on even more money, with an extra £7,372 difference between the two types of account.

Kevin Mountford, head of banking at MoneySupermarket said: "All savers who pay income tax and don't use an ISA for their savings are throwing money to the tax man and could give their savings pot an additional boost."

However, MoneySupermarket.com's own research recently revealed that nearly 50 per cent of people in the UK have had to put savings on hold or reduce the amount of money they put away due to the tough economic climate.

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