Customers could gain through ISA switching

Customers could gain through ISA switching January 22

Filed under ISA News by Isa guides | 0 comments

Brits could rake in an extra £100 a year by switching ISA products, according to figures from F&C Investments.

Despite this, 57 per cent of us are not aware that we can switch to a different provider – even though a person switching a typical savings amount from a low-rated cash ISA into a stocks and shares ISA tracking the FTSE 100 would have seen their decision yield £300 before dividends last year on the capital growth of the investment.

Jason Hollands, director of F&C Investments, commented: “2006 was an excellent year for stock markets and, providing there are no nasty shocks over the next couple of months, that should make for a bumper ISA season as investors seek to utilise their allowances before the end of the tax year.

“Before investing new money, it makes sense to review existing investments to ensure that you have a sensible spread that meets your risk profile and objectives. If necessary it might make sense to switch existing ISAs into alternative plans.”

Of those surveyed who currently have a cash ISA, 5.6 per cent said that they would definitely consider switching to a stocks and shares product while 42.3 per cent said they could consider doing so in the future.

Written Exclusively by AdFero for ISA Guides

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