Nearly a third (28%) of Moneywise.co.uk users have yet to save into an Isa (individual savings account) this tax year, according to our latest poll results.
But with the tax year ending on 5 April, there are only two months left to use this year’s £15,240 Isa allowance.
The benefit of Isas compared to regular saving or investment vehicles is that any interest or gains you make remain tax-free year-after-year.
But if you fail to use your allowance during the tax year, you lose it. The next tax year’s allowance is a higher £20,000.
Of the 72% of Moneywise users who have used some or all of this year’s Isa allowance, cash is the most popular option, with 31% of the 770 who voted saying they’ve just used a cash Isa this tax year.
This is followed by 24% who’ve just used a stocks and shares Isa, 3% who’ve only put money into a Help to Buy Isa, and 1% who’ve just used an innovative finance Isa.
An additional 13% said they’ve put money into a mixture of different Isa types, while only three voters have just used a Junior Isa, which wasn’t enough to gain a percentage of the overall votes.
See the full results in the pie chart below click the image to enlarge it).