Most people only use one ISA product

The majority of adults in the UK only make use of one ISA product, according to research.

A survey by Aldermore of 2,029 people revealed that 62% only use 1 ISA product to save, despite having another 5 options to choose from.

In fact, only 34% of people had used an ISA product at all in the past 12 months, possibly due to low interest rates and the miserly returns on offer.

However, 39% agreed that ISAs allow them to get the most out of their money, and 13% planned to use their full £20,000 ISA allowance by the end of the financial year on 5 April 2018.

Many are put off by the complexity of holding ISAs with multiple banks, as 2 in 5 people believe it is very difficult to do so.

To make this process easier, 66% of respondents want their bank to launch an ISA portfolio manager, which would allow them to open and manage multiple cash ISA accounts.

Ewan Edwards, head of savings at Aldermore, says:

"It is evident there is still a lack of understanding around the importance of ISAs and the benefits this savings product provides.

"Everyone's financial situation is different, so we encourage people to explore the different products on the market to make the most of the tax-free ISA allowances."

Contact us to discuss your savings strategy.

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