According to uSwitch.com, it is back to the classroom for savers as research reveals that over half of cash ISA savers don’t know the rate of interest they are getting. More worryingly, almost half have never switched their ISA to get a better rate, while a quarter just use the same provider as their current account as it’s easier.
Despite their knowledge not being up to scratch, 50% of Brits intend to save into a cash ISA by April. However, just a quarter of these will take full advantage of the ISA allowance. This low uptake isn’t just down to a lack of money. More than 78% don’t know what the current cash ISA limit is.
Source: uSwitch.com Press Release 7 March 2012