ISA rates on the rise with two months to go

Wednesday, 08 February 2012 10:09

The top five cash ISA rates are currently averaging at 3.03 per cent – up from last year's average rate of 2.83 per cent, new analysis reveals.

A poll run on found that nearly one in seven consumers still plans to save into an ISA before the current tax year ends.

But with two months to go until the end of this tax year, savers should be looking to maximise their allowance sooner rather than later, the comparison site said.

Kevin Mountford, the website’s head of banking, said: “Anyone who has not opened an ISA yet can take advantage of these great rates and benefit from two months’ interest rather than wait until the last minute to use their allowance.”

In the last few weeks alone, new cash ISAs have been launched, including one from the Cheshire Building Society at a market leading rate of 3.06 per cent, he added.

The site’s poll also found that a fifth of Brits cannot afford to save at the moment so have not used their ISA allowance this year.

Mr Mountford added: “No matter how small the amount you are able to save, it’s really important you make the most of the cash you put away.”

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