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Make the most of your ISA allowance, urges Triodos Bank

Customers should start paying into an ISA as early as possible in the new tax year, according to Triodos Bank.

The company is also encouraging savers to give something back to society and the environment as they do so.

Huw Davies, head of personal banking at Triodos Bank, said: “With the new tax year underway on April 6, savers should be looking to utilise their 2012-13 ISA allowance and avoid giving unnecessary money away to the tax man.

“Savers can also make their money work harder by saving from day one of the new tax year, rather than waiting until the end.

Using the increased 2012-13 cash ISA allowance of £5,640 in a 2.5% ISA from Triodos Bank could offer tax-free interest of £141. If the same amount was saved in a similar paying non-ISA account, savers would end up paying 20% in tax, a loss of £28.20. Savers on the higher tax rate (40%) would lose £56.40.

Mr Davies continued: “While doing something good for you, why not also turn over an ‘ISA leaf’ and put your savings where they can make a difference? Moving your ISA to an ethical ISA with Triodos Bank not only means you get a good financial return, but also peace of mind that your ISA is making a positive difference to people, society, and environment.

“At Triodos Bank, our savers will always know exactly how we are using their money, and that it is only financing organisations delivering a positive environmental, social or cultural impact.”

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