Feb 5 2008
A battle among financial service providers to attract new customers to their individual savings accounts (Isas) is underway, it has been suggested.
Tax-free savings allocations available in the UK are set to expire in early April and as a result a number of companies have started to offer attractive deals to potential customers, according to a market assessment from Moneyfacts.co.uk.
In fact, the price comparison firm reports that two of the most competitive Isa products, which are often used by people saving for children, have been made available in recent weeks.
"This year the battle for a slice of the tax-free savings market has kicked off earlier than usual," a statement from Moneyfacts.co.uk explained.
"As the end of another tax year fast approaches, savers should be looking to make the most of their tax free allowance."
Meanwhile, Family Investments has revealed that more than half a million of its tax-incentivised child trust fund accounts have now been opened in the UK.
