ISA Countdown – 1.5 million savers could miss out

20/03/2010

Savers have just 9 working days left to make use of this year’s ISA allowance, warn Clydesdale and Yorkshire Banks. The tax year end’s coincidence with Easter weekend means that there are two fewer days in which to get deposits and transfer requests to ISA providers before the 5th April deadline.

Research by Clydesdale and Yorkshire Banks, suggests that up to 1.5 million savers could miss out on this year’s ISA allowance if they leave things until the last minute. The banks estimate that as many as 10% of savers do not invest in an ISA until the last two days before the ISA deadline – around £4bn of investments.

The Banks, which offers a variable rate cash ISA, 1 & 3 year fixed rate cash ISAs paying 3% & 5% Gross/AER respectively and a stocks and shares ISA, are already warning customers to avoid missing the deadline and that applications must be received by 1st April in order to be processed.

Steve Reid, retail director, Clydesdale Bank said:

"The ISA allowance isn’t flexible, so beat the deadline and pay less tax.”