Only 25% will make the most of new ISA allowance
The company is urging consumers to move quickly however, to review the rates on their existing ISAs and hunt out the best new tax year deals available.
And only a worryingly low 17 per cent are aware that the annual allowance has increased by £300 from £5,340 to £5,640. Meanwhile almost half of savers have never switched to get a better rate, and those coming to the end of a fixed term deal, or a bonus rate on their instant access ISA risk ending up on extremely uncompetitive rate of interest.
Don't hold out for the endWhile it's tempting to hold out for a better rate towards the end of the tax year, uSwitch point out that consumers risk losing almost 12 months tax-free interest.
Taking the Cheshire Building Society's best buy cash ISA paying 3.5 per cent as an example; depositing the full allowance at the beginning of the last tax year would have seen consumers earn a tidy £197.40 in interest. But put the same amount in at the end of the tax year, and you would have earned a paltry £16.45 and would have lost out on £180 interest.
Meanwhile Birmingham Midshires is offering 4.05 per cent for a two year fix, and Santander has a 3.5 per cent one year fix.