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Two-thirds of ISA savers have never switched accounts

22 March 2013

With the start of the new tax year (April 6th) fast approaching research conducted by First Direct has revealed that two-thirds of ISA savers have never switched their accounts, potentially missing out on higher returns for their ISA pots.

Figures from the research revealed that savers will have an average of over £10,000 stowed away in their cash ISAs at the end of the 2012/2013, bringing the collective total of ISA funds that could benefit from more preferential rates to a staggering £158bn.

To ensure that you are getting the best return on your savings, you can compare cash isas with MoneyExpert.
 Further findings from the survey revealed some of the reasons for this switching inertia, with almost half of ISA savers (48%) arguing that they were happy to stay with their current rate, while a quarter argued that they simply ‘never got round' to making the switch.

One in ten of those questioned also admitted that they were unaware that they could transfer their ISA balance.
Andy Forbes, Head of Product at first direct commented:

"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 research also revealed that the younger generation (16 to 24) were more likely than the older generation (55+) to have never switched their ISA. While 93% of the former group had never switched, the latter group proved to be the age group that switched the most.

On a regional basis those living the capital saved 14% more into their ISAs compared to the regional average (just over £11,500) while those in the South West fell to the bottom of the ranking when it came to ISA saving, with an average pot of just over £9,100 (almost 10% less than the national average).

To ensure that you are getting the best return on your savings, you can compare cash isas with MoneyExpert. 

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