Home | Savings Accounts | ISAs | Savings Bonds | News
You are here: Home » News » Nearly two-thirds of savers have never switched ISA deal

Nearly two-thirds of savers have never switched ISA deal

Research from first direct shows that 62% of cash ISA users in the UK have never switched provider.

The average savings pot for each respondent will exceed £10,000 by the end of the 2012/2013 tax year; however, first direct’s research suggests that more than £158 billion of ISA savings – which could potentially find a home at a higher rate elsewhere – are sitting in existing accounts.

The main reason is that savers are happy with their current rate (48%), although a quarter said that they had ‘never got round’ to switching and almost 10% didn’t know they were able to transfer their ISA balance.

Andy Forbes, head of product at first direct, said: “It’s surprising that such a large number of cash ISA savers have never switched their account and even more so that many don’t realise they can transfer their balance.”

The 16 to 24 age bracket was least likely to have switched (93%), with the over-55s most likely to transfer savings. The survey also showed almost twice as many women than men said they didn’t know they could transfer their ISA to another provider. 

Londoners tend to have around 14% more in ISA savings than the UK average at just over £11,500, while the South West came bottom, with an average balance of just over £9,100.

Contact Us | Privacy Policy | Terms of Use