Cash ISA savers issued £6,700 alert as millions lose out on interest

Millions of Britons are potentially missing out on hundreds of pounds extra income a year because their Cash ISA savings are in accounts paying 1.50% interest or less. The analysis from Yorkshire Building Society and CACI shows this accounts for as many as 6.

9 million instant access ISAs, which have an average balance of around £6,700. Despite increased savings rates on offer, the amount held in low-paying ISA accounts has surged by £3billion in the past year. Harry Walker, senior savings manager at Yorkshire Building Society, said: “It’s surprising to see such a large amount still sitting in low-paying ISA accounts after a period of significant increases to savings interest in the last two years.



This data follows from our analysis earlier in the year, which called for consumers to take time to review their finances.” He suggested that starting a new financial year (April 6) gives people the “perfect opportunity" to review their finances and switch from low-paying accounts. Mr Walker added: “It’s important savers take action and think about how they can make their hard-earned cash go as far as possible.

” However, this opportunity could be limited, as the Government has confirmed it is reviewing the Cash ISA regime. This could be the last year to take full advantage of the existing £20,000 allowance. Harriet Guevara, chief savings officer at Nottingham Building Society, said: “While no immediate changes were announced in the Spring Statement, the future of the Cash ISA allowance remains uncertain.

We urge savers to use the start of this new tax year wisely and plan their Cash ISAs accordingly to make the most of this allowance while they still can.” While interest rates are falling following the Bank of England Base Rate cuts, some providers are still paying up to 7.5% on savings accounts and up to 5.

6% on Cash ISAs . Here is a list of the ISA accounts offering the highest interest rates at the time of writing, according to Moneyfacts data. Here are the top 10 easy access cash ISAs this week: Plum - 5.

6% AER Trading 212 - 5.6% AER Moneybox - 5.56% AER / gross Chip - 5.

55% AER / gross Tembo Money - 4.8% AER Monument Bank - 4.76% AER / 4.

66% gross Moneybox - 4.57% AER / gross Kent Reliance - 4.56% AER/ gross Charter Savings Bank - 4.

55% AER / 4.46% gross Buckinghamshire Building Society - 4.53% AER Here are the top 10 Cash ISAs with a one-year fixed rate this week: UBL UK - 4.

53% AER Charter Savings Bank - 4.51% AER / gross Vanquis Bank - 4.51% AER / gross Aldermore - 4.

45% AER Kent Reliance - 4.41% AER / gross. United Trust Bank - 4.

41% AER Castle Trust Bank - 4.4% AER Hodge Bank - 4.4% AER LHV Bank - 4.

4% AER Paragon Bank - 4.4% AER..