The number of banking customers who are planning to switch savings account providers has more than tripled over the last three years, it has been revealed.
Figures from financial services provider Intelligent Finance indicate that seven per cent of people who currently have an individual savings account have their heart set on switching in the last 12 months.
This compares to two per cent of savings account holders who planned to switch in 2004.
And it appears that elderly banking customers are keenest to switch, with 16 per cent of people aged 55 to 64 years old intending to move before the year is out.
"An Isa [individual savings account] provider is not necessarily for life and the message that you can move your money is getting through to savers," commented Mark Parker, managing director of Intelligent Finance.
"Better still, increasing numbers are voting with their feet."
An individual savings account is a tax free savings vehicle that the government originally introduced as a trial scheme in 1999.
Last year, Ed Balls, economic secretary to the Treasury, announced that the individual savings account scheme would become a permanent feature of the savings landscape.
More banking customers planning to switch savings account provider, study shows
More banking customers planning to switch savings account provider, study shows
Mon, 19 Feb 2007
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