Approximately 20 per cent of customers with independent savings accounts (Isas) intend to find a new provider before the end of the year, according to research from Intelligent Finance.
However, although one in five people are planning to switch savings products in order to find the best deal, the research also revealed that a greater proportion of Isa-holders do not know that it is possible to transfer to a new savings product with a more attractive rate.
Commenting on the study, Mark Parker, managing director of Intelligent Finance, said: "It is hugely encouraging that more people than ever are actively switching their Isas but there is still a significant number of savers who are oblivious to the principle of switching.
"Putting your money into an Isa is not the equivalent of locking it up and throwing away the key."
The study also revealed that those aged between 55 and 64 are the most likely to switch to a tax free savings product.
In addition to Isas, Intelligent Finance also offers range of financial products, including personal loans, credit cards and insurance.
Isa holders 'switch to find best rate'
Isa holders 'switch to find best rate'
Tue, 18 Jul 2006
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