Money.co.uk suggests Isa savers need help

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Money.co.uk suggests Isa savers need help

Tue 20th Apr 2010

Savers putting their funds into cash Isas may need some help to ensure that they are getting a decent return, according to a representative from money.co.uk, as some people are earning as little as 0.05 per cent on their capital.

Chris Morling, managing director of the website, made his comments following research by Consumer Focus, which found that many consumers are in the dark about regulations that govern the financial tool.

For instance, almost three million people do not know how to transfer across to a new product.

"Clearly the majority of cash Isa customers need more help and advice if they are to make the most of the tax free savings opportunity that cash Isas provide," stated Mr Morling.

He explained that many providers rely on "headline grabbing" rates of interest that last for a temporary amount of time, with the average return on cash Isas currently standing at 0.41 per cent due to people leaving money in poorly-paying accounts.

money.co.uk recently claimed that parents want their children to be given cash rather than sweets at Easter time, so that they can start a savings account.

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