ISA savers could miss out on £1.8 billion
Experts have estimated that UK savers are currently holding around £110 billion in cash ISAs, with the possibility that this money could be put to better use.
A report by MoneyExpert.com warns that varying interest rates between accounts could result in consumers missing out on a better deal.
Rates ranged from below four per cent up to six per cent, and MoneyExpert claims that if all the money in ISAs was invested in the highest interest accounts, consumers could claim an extra £1.815 billion in revenue.
Peter Marshall, marketing director at MoneyExpert advised all consumers to keep an eye on the interest rate of their account, to ensure it was competitive.
"Savers also have to be careful and watch out for any penalties for withdrawing cash from their ISA and make sure the account they intend to transfer to will accept their cash. As always you have to check the small print," he said.
His advice comes as First Direct's Mini Cash e-ISA and Scarborough Building Society's My Savings Mini Cash ISA were identified as the most competitive accounts on the market. | 
