Consumers who put all their saved money into a savings account instead of a cash ISA (Individual Savings Account) are missing out, research suggests.
The tax-free savings tool can potentially save users thousands of pounds and thus form a crucial part of their debt management.
According to Moneysupermarket.com, someone who had used their full ISA allowance every year since the product was introduced in 1999 would be £3,800 better off today than if they had simply used a savings account.
They would have earned £16,456.18 in interest over the last decade or so in an ISA but only £12,623 using an easy access saver.
Kevin Mountford, head of banking at the comparison site, urges customers to make cash ISAstheir number one priority when organising their finances.
"Over time, a cash ISA can give a decent return with no risk and is the first port of call for savers looking to leave their savings for the longer term."
It is likely that the recent fall in inflation will have sparked an increased desire in consumers to start setting money aside.
Posted by Kim Burns
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