Shopping around for an Isa 'can be a waste of time'
www.moneynews.co.uk > Banking > Shopping around for an Isa 'can be a waste of time'
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Shopping around for an Isa 'can be a waste of time'
Wed 12th May 2010
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This is the advice of director of Ark Financial Planning director Phil Perry, who pointed out that running from company to company for the sake of an extra 0.1 per cent interest each year is a lot of effort to go to for small gain.
He noted that higher rate taxpayers have more to gain from Isas, since they benefit from tax efficiency.
Mr Perry commented: "If you compare the cash Isa with straightforward savings in accounts that are out there, predominantly there is not a great deal in those rates."
These remarks follow a report in the Guardian, which found that one saver who put nearly £40,000 into a Northern Rock Isa ended the year with a return of just £35.84.
A similar story was brought up by MoneySavingExpert.com, in which a person received 97 pence on £1,200 of savings.
Click here for more banking news
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