More than one in three investors are still unsure whether they own a maxi or mini Isa as the product approaches the end of its inaugural year.
MarketMinder's Isa Tracking Report for February reveals 33 per cent of investors are still confused about the difference between maxi and mini Isas and 5 per cent say they are “very likely” to top up or take out an Isa and 10 per cent say they are “likely”.
The research reveals that Isa holders now outstrip Pep holders with 17 per cent of the population holding an Isa, compared to 15 per cent for Pep holders and 15 per cent for unit trust holders.
It has also confirmed earlier fears that as many as 50,000 people could be holding both mini and maxi Isas and be forced to relinquish their second account to the Revenue.
Market Minder chief executive Mike Hare says: “The Isa market is exhibiting all the signs of maturity established by the Pep market over the last decade even in its first year of operation.
“This is the clearest sign yet of the achievement of a virtually seamless transition from Peps to Isas.”