Feb 16 2007
A new report has revealed that a record number of savers are switching providers in order to get the best rate on their individual savings accounts (ISAs).
The ICM research commissioned by Intelligent Finance, suggested that almost 900,000 savers intend to transfer their ISA provider in the next year.
Furthermore, this shows an increase of five per cent compared to 2004.
"An ISA provider is not necessarily for life and the message that you can move your money is getting through to savers," commented Mike Parker, managing director of Intelligent Finance.
"Better still, increasing numbers are voting with their feet and moving their money elsewhere to get a better deal."
Recently it was revealed by the personal finance education group that over half of England's teenagers have been or are in debt by the time they are 17.
However, the research also showed that 54 per cent of children are interested in learning more about saving, while 62 per cent would be interested in knowing more about investing.
