Over three in five (63%) cash ISA holders don’t expect to use their full allowance in the current financial year, Tesco Bank has revealed.

The bank found that an average of £8,129 was saved by cash ISA holders over the course of the year.

Tesco Bank stated that 80% of savers still have some of their ISA allowance to use up, but just 21% expect to have used this allowance by 5 April.

While nearly two thirds of account holders do not expect to use their full allowance, 16% said they are unsure.

When thinking about their remaining allowance, 32% of cash ISA holders said they’ll add whatever extra savings they can in this financial year.

Meanwhile, 30% stated they’ll continue to put regular savings into their ISA, while 11% will sacrifice contributions to other savings accounts to save more in their ISA.

Just 8% said family will contribute to their remaining ISA allowance.

Save and pay director at Tesco Bank, Chris Henderson, stated: "Tax year end typically brings with it a seasonal rush of savers contributing as much as they can to use their ISA allowance.

"With a fifth having already maxed out their ISA allowance, and 21% of those with allowance remaining expecting to do so by 5 April, we’re seeing encouraging signs that savers want to take advantage of the cash ISA limit.

"While you don’t have to use your full £20,000 ISA allowance, the more you can take advantage of it the greater the tax benefits can be. It’s really positive to see so many people save through ISAs and take positive steps to plan for their financial future."

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