A saver who delays depositing the maximum GBP3,000 into a cash mini ISA between January 1 and April 5 could lose out on GBP38.54 of interest. With 12 million cash ISA savers in the UK, the potential lost interest could amount to GBP462 million.
Abbey’s findings also indicated that 60% of Britons have held the same current account for 10 years or more, with 18% having never switched accounts despite seeing credit interest rates soar at other banks.
Southerners were discovered to be the least likely to switch their accounts, while the Scots were found to be the most likely to switch.
Myths and misinformation are stopping people from joining the current account revolution, said Steve Shore, head of banking at Abbey. The difference between the best and worst rates is significant, and customers can greatly benefit from switching to a better rate. It is important that people realize that the switching process is not a barrier to accessing the best current account rates.
