A quarter of savers don't know their ISA rate

A quarter of savers don't know the interest rate their Cash ISA is paying, according to research by The Co-operative Financial Services (CFS). And, with 92% of ISA savers choosing a cash option, the figures show a worrying trend.

The UK representative sample of 2057 adults indicated that 25% of those investing in a Cash ISA were did not know the rate of interest paid on their ISA, with only 28% feeling very confident.

Rod Bulmer, Managing Director, Retail for CFS, said: "It's worrying that people have invested their money in a product but they don't know what the interest rate is.

"This shows the benefit of a fixed ISA as savers know the rate of interest they will receive and can be confident that it won't change throughout the fixed period."

Britannia and The Co-operative Bank's extensive range includes two fixed-rate ISA options - a best-buy one-year fixed-rate option paying a rate of 3% and a two-year option offering savers 3.4%.

Rod added: "At CFS we understand that customers have different needs and expectations when it comes to their savings, which is why our ISA range includes a wide choice of fair, straightforward products to suit everyone's needs.

"What's more we give all customers the maximum opportunity to take advantage of their tax-free allowance by offering our products to new and existing customers. Plus we allow transfers in from other providers so anyone who is unhappy with their existing ISA can easily transfer their savings to us."

In addition to the fixed-rate ISAs, CFS offers a range of cash and stocks and shares ISAs, from unit trusts for those with varying attitudes to risk, to variable and fixed cash accounts.

Plus they're easily accessible as they're available at more than 300 branches of Britannia and The Co-operative Bank, as well as online and on the telephone.