Cash ISA rates unknown by 25% Go compare with our comparison table

Cash ISA rates unknown by 25%

02 April 2010 / by Rebecca Sargent

A quarter of savers do not know their cash ISA interest rate, research from The Co-operative Financial Services has revealed.

The news shows a 'worrying trend' the financial services provider claims, as according to research 92 per cent of ISA savers choose the cash ISA option.

Commenting on the research, Rod Bulmer, managing director, retail for CFS said: "It's worrying that people have invested their money in a product but they don't know what the interest rate is.

"This shows the benefit of a fixed ISA as savers know the rate of interest they will receive and can be confident that it won't change throughout the fixed period."

And as the ISA deadline for 2009/2010 approaches, savers are being urged to make the most of this year's allowance while they still can.

This year the tax year ends on bank holiday Monday, and the last working day is Thursday 1 April. Nick Scarrett, head of pensions and investment at Fair Investment Company comments:

"Once the deadline has passed, the tax-free allowance for the current tax year can never be clawed back. So if you want to make the most of it, get investing – if you don't use it, you lose it."

© Fair Investment Company Ltd

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