Low interest rates and the fear of an administrative mistake are putting investors and savers off switching their Isa to a potentially more lucrative deal, new research suggests.
A survey by confused.com found that some 65 per cent of savers have never switched Isa provider .
The comparison website says that well-publicised examples of poor service and providers struggling to cope with the transfer process is at least partly to blame.
It found that one in ten Isa investors said they had not switched due to concerns over providers' ability to process the application correctly and without their losing money.
Meanwhile, 48 per cent said the low rates on offer are not enough of an enticement for them to switch.
Chris Griffiths, head of savings at confused.com, said: "You should really try to evaluate how competitive your Isa is at least once a year to ensure you're getting the best return from your tax free savings."
This week, a survey by Barclays Stockbrokers found that 80 per cent of its stocks and shares Isa customers said they will invest in the UK in the new tax year.
Investors put off switching Isas by low rates and fear of mistakes
Investors put off switching Isas by low rates and fear of mistakes
Thu, 31 Mar 2011
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