A fifth of adults with an individual savings account (Isa) have changed their provider or plan to do so before the financial year is up, according to new research.
Commissioned by Intelligent Finance, the survey of over a thousand adults revealed that Isas are increasing in popularity, though many are oblivious to the fact that they can switch providers.
Nearly a quarter of current Isa holders, which equates to around 1.64 million people, are unaware that switching is possible.
Managing director of Intelligent Finance Mark Parker commented: "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. Isa savers need to know they could get themselves a better deal by opting for a provider that offers consistently competitive rates," he added.
Isa holders aged between 55 and 64 were found to be the most likely to have switched providers, while 18- to 24-year-olds were the most prone to stating plans to change provider in the future.
Intelligent Finance predicts that 2005/06 could be a record year for Isas, with a potential 13 million accounts set to be opened.To read more Banking News, click here.
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