As ISA investors start receiving their statements for 2009/10 and stare at disbelief at the measly interest they have received on their hard earned cash, Fair Investment Company's investment administration manager Julie Smith says savers need not put up with poor rates any longer and dispels the myth that ISA transfers are tricky.
"People think it is difficult to do a cash ISA transfer, but it's really not. So many savers are losing out by leaving their cash in low paying accounts when a simple transfer is all they need to do to start earning better returns on their money.
"So many of our investors are ringing up complaining that the bank they have been with for years and years has cut their ISA rates right down to the point where they are receiving just a few percentage points in interest, in fact, money.co.uk has found that as much as 83% of cash ISAs from 2009 or earlier could be earning interest of 0.1% or less.
"The providers are busy wooing new customers with their best products while customers that have had an ISA for years – maybe since their launch in 1999 - are getting low rates. In many cases, customers don't even realise how low because they simply haven't been reviewing their ISA's rate.
"People need to know that they don't have to put up with low rates; there are better deals on the market (the RBS Royal Deposit is currently offering 4%) and transferring means you keep your tax free status and start getting more for your money.
"Investors think that if they have multiple ISAs that they have opened over the years it is hard to put them altogether, but it's not. You just need to speak to the provider you want to transfer to and they will do all the legwork for you (make sure you 'transfer', don't just withdraw the money otherwise you will lose your tax free status). But make sure you check with your existing provider if there are any transfer fees attached to your account– some providers charge."
Find out how to get a better deal on your cash ISA