Consumers warned not to withdraw cash from ISAs
8th August 2008
As many as one in ten savers withdrew an average of £579 from their ISA accounts over the last year.
The research from Abbey has shown that of those surveyed a third had accounts other than their ISA that they could have withdrawn money from.
Consumers are still keen to spend, as a quarter of consumers chose to splash their savings on luxuries such as a new car or a holiday.
John Husband from the Mirror has warned consumers that if they "have money in more than one account weigh up which to tap first. ISAs should be a last resort".
Mr Husband reminded investors that they cannot deposit more than £3,600 in an ISA in any one year.
This means that those who make large withdrawals may not be able to put the money back until the next tax year and so will lose out on valuable interest.