Feb 22 2006
An estimated three quarters of Britons are failing to make the most of their tax breaks, a new report claims.
A new poll of UK savers reveals that, whilst 61 per cent have some form of savings account, just 25 per cent of Brits are taking full advantage of tax efficient savings.
Bradford & Bingley warns savers in a new report that their cash is going to Chancellor Gordon Brown rather than into their accounts because many are failing to place their money in a 'saver friendly' account.
With the current low rates of interest, the building society claims that "every penny counts" and is encouraging Britons to become more savvy with their savings.
As the end of the tax year approaches, Bradford & Bingley is calling on consumers to examine their finances before the 2005/06 ISA season ends on April 5th.
Bradford & Bingley head of savings, Steve Potter, said: "Making sure you're getting the most out of your money should be a top priority for savers. However, as our research demonstrates, people are still missing a trick.
"The difference between investing in an average savings account or in a competitive ISA can be up to £78 per annum. If you're investing over the medium to long term, it really adds up."
