Just one in six taking advantage of tax-free personal savings allowance

Despite being introduced nearly a year ago, only 17% of UK adults have started or increased the amount they save using a personal savings account (PSA), according to research by the Nottingham Building Society It shows that just 52% are aware of the benefit, which came into effect in April 2016, and allows basic-rate taxpayers to earn £1,000 in interest tax-free each year, and £500 for those who pay a higher-rate However, one age group that have been taking advantage of the initiative are those aged 18-24, with 40% starting or increasing their saving since it was launched. “Being able to earn up to £1,000 in interest tax-free is a real incentive for saving and it should encourage more people

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