Many individuals might not be making the most of their maximum cash ISA allowance.
Findings from AA Savings indicated that the fact the upper limit for investment for this tax year is £5,100 was known by less than half – 45 per cent – of the participants in its survey, with 22 per cent believing it remained at £3,600.
However, the research – conducted by One Poll on behalf of the AA – also revealed 72 per cent are currently making use of a cash ISA or have done in the past.
Director of AA Savings Mark Huggins stated: "It's encouraging to find that the majority of savers are aware of the tax-free status of ISAs, even though confusion remains over the tax-free maximum that can be saved."
Many savers may have been missing out on making full use of their product because of this, he suggested.
Mr Huggins added saving what they can, when they can is something most people do.
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