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Over 50s 'should look to switch ISA provider'



Price comparison site moneysupermarket.com has suggested that switching ISA providers could bring better interest rates for over 50s.

A price comparison site has called for over 50s to shop around for the best individual savings account (ISA) interest rates available.

Website moneysupermarket.com is the latest financial adviser to recommend that over 50s look to take advantage of the new maximum ISA allowance by filling their accounts to the new 5,100 total.

However, it also recommended that older savers do some research into the best deals available after revealing that more than a quarter of over 50s have never checked their interest rates, which means they could be missing out.

Kevin Mountford, head of banking at moneysupermarket.com, stated that switching provider has become an increasingly "pain-free" experience and advised over 50s to explore its potential benefits.

He said: "It's more important than ever to ensure your savings are working hard for you."

This comes after building society Principality earlier this week described the limit increase as "a great incentive" for older people to maximise their savings potential.




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