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Top up early and see your Cash ISA Grow

Personal_Finance / ISA's Mar 30, 2007 - 11:37 AM GMT

By: Sarah_Jones

Personal_Finance

ISA holders could earn an additional £594 million by topping up at the start of the tax year

Nationwide Building Society estimates that people in the UK could receive an additional £594 million on their savings and investments by topping up their existing Individual Savings Accounts (ISAs) at the beginning of the new tax year, rather than at the end.


The new tax year starts on the 6 April and adults in the UK are allowed to save or invest up to £7,000 in ISAs. In order to give any savings or investments the best possible opportunity for growth, Nationwide advises people to top up at the start of each tax year or to make regular contributions throughout the year.

Nationwide estimates that:

  • If the 11.8 million people who hold a cash ISA were to pay the full £3,000 into their account at the beginning of the tax year – rather than a traditional savings account - they would receive an additional £354 million in tax-free interest.*
  • If the 4.5 million people who hold an equity ISA were to top up on 6 April – rather than invest in a traditional savings account - they would save £240 million in tax.**

Stuart Bernau, Nationwide's executive director, said: “We recently announced that savers could be paying more than £500 million extra in tax by failing to use their full annual ISA allowance, but this is not the only way people could be missing out. By failing to top up their ISA at the start of the tax year, people are losing out on the chance to see their money grow to its full potential. And for those with high interest paying accounts, such as our Fixed Rate ISA Bond which offers a guaranteed interest rate of 5.85% for one or two years, this can make a big difference to their account balance come the end of the ISA season.

“Understandably, not everyone is in a position which allows them to use their full ISA allowance each year but we would encourage anyone who has some money to put aside – even if it is just a few pounds here and there – to save or invest in an ISA and avoid paying tax on the proceeds.”

For further information:
Roy Beale , 01793 655689
Sue Knight , 01793 655196


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