Friday 1st June 2007
Savers in the UK could earn extra interest by investing in individual savings accounts (Isas) instead of in the "biscuit bank", says Virgin Money.
The firm reveals figures which show some £3.5 billion is stored in British homes in hiding places such as the biscuit jar.
But savers are urged to take advantage of recent interest rate increases by investing in high-interest savings accounts such as Isas.
"If your biscuit tin is full of cash, its time you bought some custard creams and put the rest of the money somewhere it can grow," suggests Virgin Moneys John Franklin.
And he claims up to £877 million in extra interest could be earned if all the money were invested in the form of Isas over a five-year period.
Virgin Money states that Isas may be one way to "screw the taxman" as no income or capital gains tax is charged on the savings accounts.
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