Half of cash Isa savers aged over 55 have never transferred their accounts to obtain a better rate while two in five say they won’t switch, Charter Savings Bank has said.

New research revealed that the majority prefer to remain with their accounts to keep their savings in one place, while one in 10 believe transfers are too complicated.

Just 35 per cent of over-55s say they always assess the cash ISA offers each year and move if they can secure a better rate.

Charter Savings Bank director of savings Paul Whitlock said: “Transferring Cash ISA accounts is a straightforward process, now that the industry has signed up to new standards and is utilising new technology and systems.

“People regularly shop around for more competitive deals on a wide range of goods and services, and that should also be the case in the Cash ISA market. Those who don’t move are risking missing out on more competitive rates, greater flexibility and access to their savings when needed.”

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