Isa customers 'can switch accounts'
18/07/2006
There is still a significant number of people who are unaware that they can switch their individual savings account (Isa) providers, new research has revealed.
According to Isa provider Intelligent Finance, 24 per cent of Isa holders do not know that they are able to change over their accounts.
As a result, many people are missing out on the benefits they could receive from doing so, the organisation suggests.
However, the research also found that one in five Isa holders have already changed providers, or will swap by the end of the year, in order to find more competitive deals for their money.
Mark Parker, managing director at Intelligent Finance, said: "It is hugely encouraging that more people than ever are actively switching their Isas but there is still a significant number of savers who are oblivious to the principle of switching.
"Putting your money into an Isa is not the equivalent of locking it up and throwing away the key."
He added that by "opting for a provider that offers consistently competitive rates", Isa savers can ensure they get a better deal.
Last year saw a record number of Isas being opened, according to Scottish Widows research, with those from Yorkshire most likely to open investment Isas.
According to Isa provider Intelligent Finance, 24 per cent of Isa holders do not know that they are able to change over their accounts.
As a result, many people are missing out on the benefits they could receive from doing so, the organisation suggests.
However, the research also found that one in five Isa holders have already changed providers, or will swap by the end of the year, in order to find more competitive deals for their money.
Mark Parker, managing director at Intelligent Finance, said: "It is hugely encouraging that more people than ever are actively switching their Isas but there is still a significant number of savers who are oblivious to the principle of switching.
"Putting your money into an Isa is not the equivalent of locking it up and throwing away the key."
He added that by "opting for a provider that offers consistently competitive rates", Isa savers can ensure they get a better deal.
Last year saw a record number of Isas being opened, according to Scottish Widows research, with those from Yorkshire most likely to open investment Isas.
