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Tax free savings appeal to millions

Tax free savings appeal to millions

Category: ISAs

Updated: 17/08/2012
First Published: 17/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The initial hype over ISA season may have cooled down a few months ago; however, millions of savers still intend to place their money in an ISA before the end of this tax year.

Around 17 million people in the UK plan to open a cash ISA, with 40% of young people aged between 18 and 34 showing the most interest in tax free savings.

According to Santander, who compiled the report, Londoners are embracing ISAs the most, with 45% of people residing in the capital planning on saving with an ISA.

Andy Smith of Santander said: "Trying to save as early as possible in to a cash ISA will always reap benefits.

"Depositing money in a cash ISA is a great way to save, with benefits including nearly a full year of tax-free interest, and there are still some very good rates of return available for those who are prepared to shop around."

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