Halifax: Most ISA savers not making full use of yearly allowance

People could be losing out on up to £49 million, Halifax has said.

The majority of ISA customers who topped up their savings account in the first half of 2010 are not making the most of their yearly allowance, according to one organisation.

Halifax believes consumers could be missing out on up to £49 million if they ignore the second six months of the year.

Russell Galley, managing director of savings at the bank, said there are ISAs to suit everyone and no matter how big or small the value of money people want to conserve, it should be placed into one of these products.

He added: "We're concerned that so many people are failing to use these valuable savings vehicles to their maximum."

Halifax has ISA accounts for both new and existing customers and it will pay interest from the first day that the transfer application form is received.

And this type of saving is proving popular, as according to the Investment Management Association, money put away in these accounts hit a net average of £400 million per month over the last 11 months.

By Emma North