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Tax relief but little rate relief for Isa savers – IF

Not one of the top ten paying instant mini-cash Isas launched in 1999 when the savings wrapper came to market remains in the top ten paying accounts today according to new research from Intelligent Finance.

Only two managed to last out the first year before slipping out of the top ten the online bank says.

IF says providers are taking advantage of the mass consumer inertia when it comes to switching savings accounts. It says only 5 per cent of Isa account holders have switched providers.

Chief executive Grenville Turner says: “Consumers need to select a provider who will provide a long-term value for their savings, especially if they don&#39t have the time or inclination to chop and change accounts every couple of months.

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