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Only 1 per cent know how much they can save tax-free

Just over half the population knows they can save for the future tax-free and only 1 per cent thinks they can save more than £10,000 tax-free according to research from National Savings & Investments.

The Treasury-sponsored savings provider says in any given tax year, people can save up to £63,000 tax-free.

Investors are allowed to put away £3,000 in a Mini cash Isa, £40,000 in index-linked and fixed interest savings certificates and £20,000 in premium bonds.

But the survey shows only 52 per cent say they are aware they are allowed tax free savings at all. Thirty-three per cent say they would save more if the amount of tax-free savings was higher than they thought.

Commercial director Gill Cattanach says: “The new tax year provides an ideal time for savers to review their investments and the research shows they are not taking advantage of all the tax-free opportunities currently available on the market, in a third of instances because they don&#39t know just how much they can save tax-free.”

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