Britons may be losing up to £462 million

Delaying saving into an ISA could cost Britons £462 million interest by delaying using their yearly ISA allowance, according to research conducted by Abbey.

A saver who delays depositing the maximum £3,000 into a Cash Mini ISA from 1 January to 5 April could miss out on interest of £38.54. With 12 million Cash ISA savers in the UK, the potential lost interest could amount to £462 million.

Alexia Kilby, Head of Savings Marketing, said:”Many people leave saving in an ISA to the last minute. However, the lost interest of delaying is significant. It is important to remember that people can use their £3,000 tax free ISA allowance at any time, not just at the tax-year end.”

Abbey’s Easy ISA offers savers an interest rate of up to 5.15 per cent (4.30 per cent on balances of £1 or more), and savers can manage their money through a branch, the internet, post or cash machine. People can save up to £3,000 and may transfer savings from any existing TOISA or mini-ISA.

Abbey’s Postal ISA offers savers an interest rate of up to 5.15 per cent (5.00 per cent on balances of £1 or more), and is managed by post. People can save up to £3,000 and may transfer savings from any existing TOISA or mini-ISA.