Consumers could earn themselves a total of £73,611 by investing their funds in a tax-efficient individual savings account (Isa), new figures reveal.

According to research by Alliance & Leicester Savings, Britons could be losing out on about £425,700,000 – a figure which could help them with debt management.

Some four out of ten people were reported to consider tax benefits when choosing a savings account, compared to 84 per cent who claim a competitive interest rate is their main consideration when looking for a savings product.

However, Alliance & Leicester claimed that with 20 per cent in tax being automatically deducted from all non-Isa accounts, actual interest rates can fall by about one per cent, "making the rate far less competitive than savers might think".

Manager for savings Ross Dalzell said: "It is amazing that after all the recent media attention on Isas that many of the myths and misunderstandings surrounding them are yet to be dispelled for a high proportion of the population."

According to Credit Action, Britain’s debt management problems worsen by approximately £1 million every four minutes.

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