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Gloomy Cash ISA Savings Interest Rates Outlook

Personal_Finance / ISA's Feb 06, 2013 - 02:42 PM GMT

By: MoneyFacts

Personal_Finance

Moneyfacts research reveals a slow start to the ISA season. Not only has it started a month later than expected, product choice and rates have fallen and the ability to transfer funds is fading fast.

In Feb 2012, the market consisted of 385 ISAs paying an average of 2.55% and 22 of those would not allow transfers in.


This year by comparison, that choice has dropped to just 309, the average rate paid has fallen to 1.74% and the number that won’t allow transfers in has increased to 34 even though there are fewer ISAs around.

Sylvia Waycot, Editor at Moneyfacts.co.uk, said:

“New ISA accounts normally hit the market with a flurry of razzmatazz in early January but we are already in February and only a few accounts have trickled quietly into the market.

“Normally we would expect to see providers trying to grab our attention with headline rates but this year, whilst rates on some accounts have gone up, they have not generally risen by as much as they were recently reduced by.

“Savers are desperate for some good news and the ISA season has always been a pretty reliable time for finding ‘that account you’re really pleased about’. But it may be a lot harder to find this year.

“If you are lucky enough to have saved in an ISA for more than one year, you might find an added complication because not all providers will allow you to move older ISAs into the new one. This means that you suddenly have to keep your eye on multiple pots of money.

“Whilst an unpleasant truth, the reasons behind this are sound. The more attractive the interest rate normally means that either the size of the account or the number of accounts it can be spread over needs to be tightly controlled. If the ISA was to include past ISAs and TESSA money, which could amount to over £60,000 the interest would need to be lower.

“It doesn’t look like its going to be a bonanza ISA season this year, so if you see one you like, don’t hang around as a limited market always disappears fast.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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