ISA savers 'missing out on millions'

Most cash ISA savers are still not taking full advantage of their account benefits, and could be losing out on a massive £49 million, new research has suggested.

High street bank Halifax revealed that ISA customers who topped up their account in the first part of 2010 were not making full use of their yearly allowance and will lose out if they don't act now.

The bank's research reveals that consumers are not taking advantage of the tax-efficient savings account, with less than one in three consumers (30%) in the UK having an ISA.

Managing director of savings at Halifax, Russell Galley, said: "If you have something to save, no matter how large or small an amount, it should be saved in an ISA."

The research suggests that ISA customers are losing out due to misunderstandings or lack of information about their account, or switching their ISA to another bank for a better deal.

Halifax's research found that only 22% of savers have switched an ISA in the past to get a better deal. Around 18% of ISA savers claim they think they'll lose out on interest, 35% say it's too much hassle, and 10% claim it is not possible.

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