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Consumers should save with ISAs
31 July 2008
ISAs are the best way to save during the credit crunch as they offer flexibility and are tax-efficient, claims the Building Societies Association (BSA).
While consumers are almost saving double the amount of money in the first half of 2008 compared with last year's figures, they should use ISAs as they are virtually tax free and have good levels of interest, according to research by the BSA.
Rachel Le Brocq, spokesperson for the BSA, said: "The good thing about an ISA is that it is effectively tax free. You have a certain limit each year."
With the cost of living continuing to rise through soaring energy and fuel bills, more people are saving with ISAs, according to the BSA.
"People obviously are having some worries about the flexibility of their money so we are seeing people putting their money into cash ISAs," added Ms Le Brocq.
Research by moneyfacts.co.uk revealed that 36 of the top 50 ISAs were offered by building societies. 
