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Andrew Wright, Head of Savings at Paragon Bank, comments on why only a tiny minority of savers have maximised the benefits of the tax-free wrapper that an ISA offers since it was established in 1999.
This data underscores the fact that, despite the generous annual ISA allowance, the vast majority of savers either do not contribute the maximum each year or withdraw funds over time, preventing their pots from growing substantially. The relatively low numbers in the highest savings brackets highlight a significant gap between what is possible and what most people actually achieve within their ISAs
Savers missing out with fewer than 150,000 cash ISA savers with £100,000+ in a tax-free wrapper
✉️ Hannah Kolarski-Daniels, Media Relations Manager, Paragon Banking Group,
Hannah.kolarski-daniels@paragonbank.co.uk
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