There are only nine days left for savers to take advantages of their ISA allowances for this tax year, according to the Clydesdale and Yorkshire Banks.
The banks have discovered that 1.5 million savers could miss out on this years ISA allowances if they leave things to the last minute. This is because the end of the tax year on April 5th coincides with the Easter bank holidays so there are less working days left than savers may think.
The banks estimate that as many as 10% of savers do not invest in an ISA until the last two days before the ISA deadline – which equates to around £4bn of investments.
As Steve Reid, retail director of Clydesdale bank says: “The ISA allowance isn’t flexible, so beat the deadline and pay less tax.”
With tax rises likely to be announced in the budget on Wednesday and increased savings allowances for the over 50’s, there is expected to be a record take up of ISAs this tax year, however it is important that savers realise that there is only a small number of days for making deposits into their ISA accounts, or opening a new account.