Use it or lose it, says Nationwide
UK consumers who have an individual savings account (Isa) open in their name have been urged to make full use of their tax-free allocation or else lose it forever.
Many people use their Isas as a way of saving for children, but millions of pounds in tax-free interest looks set to be lost as the end of the tax year approaches, Nationwide has made clear.
In fact, the tax year ends on April 5th and the building society has warned that a total of some £225 million in additional interest will be lost as a result of the lack of contribution to the various Isa products on the market.
"Nationwide offers free expert advice to anyone who wants to find out more about Isas," said Matthew Carter, Nationwide's savings director.
"We have a range of very competitively priced cash Isas, as well as stocks and shares Isas with a range of investment options."
Meanwhile, Moneyfacts said last week that the battle among financial service providers for new savings customers is "really heating up" as the end of the tax year approaches.
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