Martin Lewis, founder of MoneySavingExpert, warned ISA savers they could be missing out on better interest rates.
He urged people in his Money Tips email to use his cash ISA check up to see if they can get a better deal.
The financial journalist said: “For those with larger savings, as a cash ISA is just a savings account you can put £20,000 in per tax year where interest is never taxed – and doesn’t count towards the PSA [Personal Savings Allowance] – then for saving that’d have tax taken off, they’re a winner (so you could have normal savings for some of your money, cash ISAs for the rest).
“It can also be worthwhile having some in cash ISAs, if while you don’t pay tax on savings now, you would if interest rates rose.”
