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7 Million Losing Out as £46 Billion Sits in Low Interest ISAs
Millions of Brits are potentially missing out on hundreds of pounds extra income[ii] a year because their cash ISA savings are in accounts paying 1.50% or less, analysis from Yorkshire Building Society and CACI suggests.
There are nearly 6.9 million[iii] instant access cash ISA accounts earning 1.50% or less in the UK with the average balance of over £6,700. The amount sitting in low paying ISA accounts has increased by £3 billion[iv] in the last year despite increased savings rates on offer.
Savers who are currently leaving their funds in low paying cash ISA’s could move their tax free savings and earn an additional £200 in interest with Yorkshire Building Society’s Single Access online ISA which currently pays 4.35%.
The analysis is in addition to that highlighted earlier in the year showing over £360bn[v] is being held in current and savings accounts earning 1% interest or less, meaning millions are losing out on additional income.
Harry Walker, senior savings manager at Yorkshire Building Society, said: “It’s surprising to see such a large amount still sitting in low paying ISA accounts after a period of significant increases to savings interest in the last two years. This data follows on from our analysis earlier in the year calling for consumers to take time to review their finances.
“The start of a new financial year gives the perfect opportunity to review finances and make the switch from low paying accounts. Its important savers take action and think about how they can make their hard-earned cash go as far as possible. Last year, our savings rates paid an average of 41% more than the market average rate, and our cash ISA rates have been above the market average for 10 years[vi] so we are encouraging customers to review their savings and get the information they need to make sure they aren’t missing out.”
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