25th February 2015 by Anna Bowes
As we approach the end of the tax year, all eyes turn to the banks and building societies to see what tempting Cash ISAs they 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 FCA Cash Market Study concluded, there is £12 billion held in easy access Cash ISAs paying less than 0.50%, with many of these accounts 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’re naming and shaming some of the worst Cash ISAs and 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.