Nest eggs and Easter eggs

Category: Savings
Date: 3/10/2010

All savers have been urged to make the most of their tax-free savings allowance, after research revealed almost half of people with a cash ISA will not top up to their full limit this year.

With base rate having been at its historic low of 0.5% for a whole year, getting a tax-free return is more important then ever.

However, 46% of cash ISA savers do not plan to use their full allowance, and a further 40% do not intend to take advantage of the new limits from 6 April, according to a new survey from M&S Money.

As the end of the 2009/2010 tax year coincides with Easter weekend, savers wanting to make use of their ISA allowance have also been told to put a reminder in their diaries to avoid missing out.

The deadline for using the current tax year's ISA allowance is 5 April, which falls on the Easter Monday bank holiday this year.

People aged 50 or over on or before 5 April 2010 have also been reminded of the new ISA limits that they enjoy: £10,200 overall, with up to £5,100 being allowed in a cash ISA.

The new limits will apply to savers of all ages from 6 April.

"Although interest rates are at a historic low, good offers are still available in the competitive savings market," said Colin Kersley, chief executive of M&S Money.

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