{"id":344220,"date":"2011-03-28T10:32:31","date_gmt":"2011-03-28T10:32:31","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/28\/teaser-rate-warning-for-savers\/"},"modified":"2011-03-28T10:32:31","modified_gmt":"2011-03-28T10:32:31","slug":"teaser-rate-warning-for-savers","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/28\/teaser-rate-warning-for-savers\/","title":{"rendered":"‘Teaser rate’ warning for savers"},"content":{"rendered":"

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\n 28 March 2011<\/span>
\nLast updated at <\/span>06:32 ET<\/span>
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Many savers fail to switch their Individual Savings Account (Isa) to gain a better interest rate, a consumer watchdog has said.<\/p>\n

A Consumer Focus poll suggested that two-thirds of people who opened a cash Isa with an introductory bonus failed to switch when the teaser rate expired.<\/p>\n

A third of those asked were not sure when or if their bonus rate had run out, the survey of 2,012 people found.<\/p>\n

Banks say they notify customers if the interest rate changes.<\/p>\n

An Office of Fair Trading report found that about 11% of Isa holders switch to a new provider in a typical year.<\/p>\n

Market<\/span><\/p>\n

Tax-free Isas were introduced in the UK 12 years ago to encourage people to save. An estimated 15 million people in the UK have \u00a3172bn held in cash Isas. <\/p>\n

Activity among Isa providers tends to pick up at this time of year, as the tax year ends and a new one starts.<\/p>\n

Savers who already hold an Isa, or who are opening a new one, are being urged to check the long-term interest rate being offered.<\/p>\n

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Isa limits<\/h2>\n

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