Many cash Isa customers 'never switch to other products'

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Many cash Isa customers 'never switch to other products'

Many people with a cash Isa do not switch to other products, according to figures from Gocompare.com.

The price comparison site revealed that 14 per cent of consumers have never switched their Isas, while 15.5 per cent have consistently stuck with the same savings accounts.

This, it stated, means they could potentially be missing out on better deals elsewhere.

John Miles, business development director at Gocompare.com, said: "With the economic downturn biting hard, many consumers are now struggling to make ends meet."

"You could make yourself hundreds of pounds a year better off by taking control of your finances."

Figures showed that 41 per cent of people in the UK feel less well off than they did a year ago.

Meanwhile, almost a quarter of respondents admitted that they need to make cutbacks in order to free up cash.

This comes after moneysupermarket.com revealed that 2.6 million savers in the UK with cash Isas do not intend to save this tax year, which means they are collectively missing out on about £362 million in additional tax-free interest.

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