Hall of shame - Cash ISAs to ditch and switch

05th March 2015

 

As we approach the end of the tax year we wait to see what tempting Cash ISAs the banks and building societies might offer up for one of the busiest savings periods of the year.  While many savers will be looking at how to invest their current tax year's ISA allowance, many existing Cash ISAs will be languishing in accounts paying derisory rates.

As the recent Financial Conduct Authority Cash Market Study concluded, there is £12 billion held in easy access Cash ISAs paying less than 0.50%, and many of these accounts can be found with high street providers.

With a smattering of providers kick starting this ISA season, this week we’re calling on ISA savers to ditch their old, obsolete Cash ISAs and switch to a better deal. We’ve highlighted some of the worst Cash ISAs but these are by no means all of them. We implore savers to act this ISA season and switch for better returns.

Don’t waste your ISA allowance by sitting in an uncompetitive account; act now and switch!

Our free Rate Tracker service has been keeping savers informed about how competitive their accounts are and all rate changes for over 3 years, with the ability for savers to view all their accounts in one place. As the recent FCA Cash Market Study proposed, all banks and building societies should be doing this, but aren’t; we believe all savers should be using this free service.

Rate Tracker monitors the whole UK savings market, including all live and closed to new business savings accounts. We currently monitor over 10,000 individual rates from cash ISAs, high interest paying current accounts to fixed rate bonds. Registered users can add all their accounts in one place and let us monitor them for free. We keep savers informed on rates, how they compare and when new competitive accounts become available.

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