Savers have been urged to switch Cash ISAs to a better deal as soon as their cash bonus ends. According to consumer group Which?, those who fail to switch could lose as much as £85 in the next year.
The group based the calculation on the maximum cash ISA allownace of £5,340 per year, and concluded that savers will lose £85 on average as soon as the bonus on the ISA ends.
Which? executive director Richard Lloyd commented: “If there’s only one thing that people do about their finances this weekend, it should be to look at whether they would be better off by moving their money to a new account. Cash Isas should give people a real incentive to save and we’re calling on the banks to play fair and pay at least as much on their cash Isas as their equivalent standard savings accounts after tax.”