Apr 3 2007
British investors could potentially lose out on a total of £3 billion in interest as a result of delaying saving into an Individual Savings Account until the end of the new tax year, experts have warned.
According to the latest figures released by Abbey, a saver who delays putting the maximum amount of £3,000 into a Mini Cash Isa between April 6th and April 5th next year could lose out on around £243 in interest.
Given that there are 12 million Britons currently investing in Cash Isas, the combined potential lost interest could be as much as £2916 million.
Commenting on the figures, Reza Attar Zadeh, head of savings at Abbey, said: "Many people leave saving in a Mini cash Isa to the end of the tax year.
"However, people that leave saving in an Isa to the last minute face losing a significant amount of interest throughout the year.
"Additionally, the competitive deals that are currently available may not be available next year."
The comments come as fund managers are bracing themselves for the annual last-minute investments being made before the April 6th deadline, with many firms keeping their phone lines open until 9pm on the night before and online investments to be welcomed until up to ten minutes before the deadline.
