Savers are suffering 'dismal' rates of interest on their investments due to poor service from cash Isa providers, a study has suggested.
An investigation into 13 of the top providers examined how well their staff explained the rules regarding transferring money between cash Individual Savings Accounts.
If the rules are not followed, it may mean savers losing out on the tax-free accounts.
The report by Which? highlighted the ‘dismal’ rates of interest paid by some providers on their cash Isas and said ‘clear and accurate information’ about the switching process is important if the tax relief is not to be lost. The average rate on a cash Isa is 2.27 per cent, according to personal finance website Moneyfacts.
Nationwide received the best overall score while HSBC was ranked bottom of the pile.
Sarah Brooks, head of financial services at Consumer Focus, said: “Banks seem to be making a simple product unnecessarily complicated because of poor service, inaccurate or unclear information and inefficient systems which delay switching.
Absolutely spot on advice Mrs G, Hopefully from now on you will save me hundreds of pounds per year, everyone needs to recommend this site to friends, family and work colleagues. A very helpful site I will def visit again
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