Member Article

Rock research shows savers are losing out on ISA interest

Research undertaken by Northern Rock has revealed that UK savers are missing out on around £1bn of ISA interest each year.

Cash Individual Savings Accounts (ISAs) are designed to allow consumers aged 16 and over to take advantage of tax-free interest.

Research by the Rock into instant-access ISA products available in the UK reveled that that over 69% of Cash ISA balances earn interest at less than 1.00% pa – which amounts to £60 billion in balances

Andy Tate, Customer and Commercial Director at Northern Rock said: “This research highlights the higher returns ISA savers can earn if they are prepared to shop around.

“When looking at where to save for the new ISA year, it is important that customers also consider whether their previous years’ tax-free savings are in the best ISAs for their needs and, if not, they can move it to a better account.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .