Savers could earn an extra £14bn by putting their cash into a higher paying ISA, Skipton Building Society has revealed.

The society’s analysis of CACI data from January 2026 revealed that 80 million accounts sat in 0% products, with a combined £327bn in deposits.

Therefore, if this was added to a cash ISA with an interest rate of 4.3%, over £14bn would be gained in interest.

The Skipton’s recent survey of 2,000 adults found that 13% are opting to keep money in current accounts for easy access.

The survey revealed that those in Gen Z match the national average of keeping money in these accounts, with some not understanding the benefits of using their full ISA allowance (16%).

The society stated that this suggests many are finding it difficult to understand today’s challenging financial landscape and are losing benefits as a result.

Head of savings at Skipton Building Society, Alex Sitaras, stated: "It’s no surprise that 13% of savers are prioritising instant access in the current climate, but it’s important to strike a balance. Longer term goals, whether that’s buying a home or building a safety net, remain just as important. Staying consistent with manageable contributions can help you keep moving towards milestones throughout the year without feeling overexposed.

"You don’t have to keep all of your savings in one place. Continuing to put something aside (particularly in tax-efficient ways) while keeping some funds accessible for emergencies gives you flexibility while still letting some money work harder over time. Alex also added that this “helps spread risk while keeping as much money protected from tax as possible.

"With Rachel Reeves’ plan to slash the annual tax-free Cash ISA allowance from £20,000 to £12,000 in April, Alex encourages savers to “act fast and make full use of this year’s £20,000 allowance before any changes come into force, however what matters most is choosing the right approach for your circumstances, whether that’s cash, investments, or a blend of both."

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