Switching car insurance can save more than investing in ISAs

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Switching car insurance can save more than investing in ISAs

A price comparison website has claimed that customers can save more money by switching their car insurance provider than they could if they saved their money in an individual savings account (ISA).

According to Gocompare.com, saving the maximum tax-free savings allowance in the current best buy ISA, which offers interest at a rate of 3.61 per cent, would yield a return of £129.96 over the course of one year.

However, the website claims that its customers save an average of £207 over the course of one year by switching to a cheaper car insurance provider.

Hayley Parsons, chief executive of Gocompare.com, said: "Comparing the cost of your car insurance may save you more money in ten minutes than the maximum deposit in the best buy cash ISA will earn you in 18 months."

Recently, Barclays revealed that it has seen a 67 per cent increase in the number of investment ISAs opened compared to last year.

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