Isa switching numbers 'soar'
19/02/2007
The number of savers willing to switch individual savings account (Isa) providers has increased, new research suggests.
According to a study by ICM, in the next year, of those who have taken out an Isa in the last few years, seven per cent intend to switch providers, compared with two per cent in 2004.
However, in comparison with the national average, of those between 55 and 64 years of age, 16 per cent plan to switch.
"An Isa provider is not necessarily for life and the message that you can move your money is getting through to savers," said Mark Parker, managing director of Intelligent Finance (IF).
"Better still, increasing numbers are voting with their feet and moving their money elsewhere to get a better deal," he added.
At the time of the survey, four out of every five respondents were aware they could change their Isa provider.
Commissioned by IF, the study was conducted between January 10th and January 11th via telephone interview and based upon an assumed adult population of 45 million.
All 1,001 respondents were over the age of 18.
IF offers a range of financial products and services, including mortgages, credit cards and current accounts.
According to a study by ICM, in the next year, of those who have taken out an Isa in the last few years, seven per cent intend to switch providers, compared with two per cent in 2004.
However, in comparison with the national average, of those between 55 and 64 years of age, 16 per cent plan to switch.
"An Isa provider is not necessarily for life and the message that you can move your money is getting through to savers," said Mark Parker, managing director of Intelligent Finance (IF).
"Better still, increasing numbers are voting with their feet and moving their money elsewhere to get a better deal," he added.
At the time of the survey, four out of every five respondents were aware they could change their Isa provider.
Commissioned by IF, the study was conducted between January 10th and January 11th via telephone interview and based upon an assumed adult population of 45 million.
All 1,001 respondents were over the age of 18.
IF offers a range of financial products and services, including mortgages, credit cards and current accounts.
