Personal finance expert says people are making £20,000 savings mistake

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Roughly 40 million people could be missing out on thousands of pounds for 'free'

Speaking on the latest episode of BBC Morning Live, Laura Pomfret explained the importance of owning an Individual Savings Account . Roughly 78 per cent of adults in the UK don't have an ISA, which means around 40 million people could be missing out on tax-free savings worth up to £20,000 a year.

She added: "There are four different types of ISA. We have the cash ISA, which is kind of much like your standard savings account that we all know and love. A stocks and shares ISA, which means you actually invest in the stock market but still in this account. Innovative Finance ISA is a little niche, but these are like peer-to-peer lending platforms, crowd funding platforms, but you can do it within an ISA.

"You could open one for a child., actually, a junior ISA parent or guardian can open them. And today we're gonna be talking about the cash ISA." She further explained that having it in a normal savings account would still grow the money, but it would need to be taxed once it reaches past that threshold. She also warned: "People are missing out...there are 40 million individuals in the UK that don't have an ISA. There's probably a lot of different reasons for that, people might think they've not got enough money to put into one for example.

 

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