Nationwide: Every Briton should have an ISA

Every Briton should possess an ISA, according to Nationwide's head of savings.

People should be taking greater advantage of the tax-free benefits on hand with individual savings accounts (ISA).

According to Andy Hutchinson, head of savings for Nationwide, the fact such UK accounts give people the chance to save tax-efficiently means that all consumers should be using them.

"There are very few opportunities in life to 'beat the tax system' but saving or investing in an ISA allows you to do just that, which is why I believe every adult in the UK should consider having one," he claims.

With the current tax year almost over, Britons wishing to invest in ISA accounts should open such a product as soon as possible.

His comments come as research by the building society reveals just over half (56 per cent) of those currently saving money have an ISA, with many consumers unaware about exactly how much money can be tucked into such accounts.

Meanwhile, a Co-op Bank study noted that 25 per cent of cash ISA savers have no idea about the interest rate attached to their account.

By Joe Letts