Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_1033866880
February 27 2018

Savers missing out on tax-free returns by sticking to just one type of ISA

Marc Shoffman Industry News, News Aldermore, Ewan Edwards, IFISA, Innovative Finance Isa

ALMOST two thirds of consumers only use one type of ISA product to earn interest on their money tax-free, research suggests.

A poll by challenger bank Aldermore found that 62 per cent of people are not choosing to diversify despite a plethora of ISA options, which include cash, stocks and shares and the Innovative Finance ISA.

The analysis, based on more than 2,000 interviews with members of the public, also found only a third have used an ISA product over the past 12 months to save money.

Half of respondents said they don’t believe they don’t have enough money to utilise the tax-free benefits of an ISA.

Read more: A fifth of small firms at risk from lack of savings

Read more: £700bn languishing in savings accounts due to inertia

However, 39 per cent said they still believe that ISAs allow them to get the most out of their money, and 13 per cent plan to use their full ISA allowance of £20,000 by the end of the tax year.

“Even though the environment is tough for savers, our research shows that nearly two fifths of the nation believe ISAs help them make the most out of their hard-earned cash,” Ewan Edwards, head of savings, at Aldermore, said.

“Although this is positive, it is evident that there is still a lack of understanding around the importance of ISAs and the benefits this savings product provides.”

Read more: Savers focusing too much on cash ISAs

Marketplace lenders worldwide raised nearly $9bn last year Sancus draws first funding from Honeycomb credit facility

Related Posts

CLOSED Out of business shop sign vector illustration

Industry News, News, Top 3, Uncategorized

SME lender warns many companies will not survive

London, UK - Downing street offices, entrance gate

Industry News, News, Top 3

Government responds to P2P fraud query

money UK

Industry News, News, Property, Top 3

The alternative lenders accredited for CBILS

Popular posts:

  • MP queries level of fraud in P2P lending
  • Aave launches higher risk, higher return option for…
  • Some firms set to pay more than maximum CBILS interest rate
  • Growth Street to return 100pc of investor funds
  • A year in the life of the 36H Group
  • Investors urged to look at ISA options ahead of…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by