ISAs becoming less popular, says survey

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ISAs becoming less popular, says survey

A recent survey has revealed that many Brits are withdrawing their money from individual savings accounts (ISAs) as interest rates fall.

The poll, conducted by uSwitch.com, revealed that 4.3 million ISA holders in the UK are planning to withdraw their money from cash-ISAs, with more than half of these blaming falling interest rates for their decision.

According to the price comparison website, the average cash ISA balance is £2,200, meaning that these customers could withdraw a total of £9.5 billion.

Rumina Hassam, personal finance expert at uSwitch.com, said: "There is no getting away from the fact that savers have been the sacrificial lambs of the plummeting base rate."

The base rate of interest has been reduced to one per cent by the Bank of England, in an attempt to make mortgage lending cheaper.

However some financial institutions, such as Legal & General, claim that the cuts have become counter-productive as they are discouraging savers.

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