Nationwide Building Society See ISAs Ignored
Published: 04/10/08
The ISA is an excellent savings vehicle but the Nationwide Building Society has found that almost two thirds of the UK population do not have one. Of these around half of them said it was a lack of money to put in one that was the problem.
Nearly a fifth of those surveyed believed an ISA would not allow instant access to their money, which put them off, whilst a further 17 percent said they just did not know how they worked at all.
Interestingly the Nationwide Building Society found that a third of those surveyed save money, up to GBP1,000 in other accounts. An ISA would enable them to save the tax paid on these savings if only they knew. The Nationwide would like to see better communication from the government regarding ISAs and also greater flexibility to make them better suited to savers needs.