Feb 26 2008
Not shopping around for the best available deal is costing British investors in individual savings accounts (Isas), according a new report.
Research by Lloyds TSB has found that almost two-thirds of all people who have opened an Isa do not assess whether or not they could be getting a better deal elsewhere.
Furthermore, close to a quarter of all Isa holders polled by the financial services firm said that they do not look for a new provider simply because they "cannot be bothered" with the perceived hassle of switching.
Lloyds TSB has also revealed that large numbers of people who have invested in an Isa product thought that they could only convert their savings to a different company at the end of each tax year.
"Sometimes shopping around can really be worthwhile and by resting on their laurels many Isa savers are actually losing out on easy money," said Liz Hogbin, savings and investments director, Lloyds TSB.
Many parents around the UK use Isas as a way of saving for children and the Financial Services Authority recently launched a guide designed to help expectant mothers reorganise their personal finances.
