ISA customers losing out on £1billion interest a year



New research from nationalised bank Northern Rock has revealed that if all ISA customers in the UK shopped around each year, they could earn a billion pounds more interest between them.

Andy Tate, a director at the firm said, “This research highlights the higher returns ISA savers can earn if they are prepared to shop around.

“When looking at where to save for the new ISA year, it is important that customers also consider whether their previous years’ tax-free* savings are in the best ISAs for their needs and, if not, they can move it to a better account.

“All of Northern Rock’s Cash ISAs accept transfers in from other ISA providers and previous year’s subscriptions. We have also designed our ISA range to be as simple and straightforward as possible. That means there are no short-term introductory bonuses, and customers don’t need to have other types of accounts with us either.

“We hope this research will point people to the fact that Northern Rock provides a competitive choice of tax-free options to make their money work harder for them, whatever they are saving for.”

Northern Rock aren’t the only company who accept ISA transfers in, as many do.

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