Millions of people in the UK have been affected by sliding mini-cash ISA rates since they were first...
Millions of people in the UK have been affected by sliding mini-cash ISA rates since they were first introduced in 1999, according to research from Intelligent Finance.
Out of the top ten paying instant mini-cash ISAs launched four years ago none has remained in the top ten and only two managed to stay in the top ten for the first year.
The poor returns have been compounded by the survey result showing that only 5% of ISA account holders have ever switched their provider, and that 17% don't even know they are able to change providers.
"Consumers need to select a provider who will provide long-term value for their savings, especially if they don't have the time or inclination to chop and change accounts every couple of months," says Greenville Turner, IF chief executive.
IF's survey questioned 1,000 people aged 18 and above.
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