How to get a better deal on a new Isa

 
Jessica Morris
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As Americans Save More, Piggy Banks Gain Popularity
43 per cent of people feel they should be doing more research before setting up a new Isa (Source: Getty)

Getting a better deal on a new Isa is pretty simple - you just need to shop around.

However, new research has shown a whopping 43 per cent of people feel they should be doing more research before setting up a new Isa or savings account.

Similarly, one in five admit to never shopping around for the best deals before setting one up.

Read more: What is changing for Isas this tax year?

The rather conventional saving vehicle hit headlines recently when chancellor George Osborne announced a new lifetime Isa in his Budget speech. Since then, a committee of MPs have opened an inquiry into confusion over how it will work.

More worryingly, around 28 per cent of respondents said they have little understanding of which providers offer the best deals on Isas and savings accounts, with 22 per cent saying they trust their existing financial services provider to give them the best possible deal.

Read more: Young workers now face baffling saving choices

The research also revealed that nearly a third said researching new savings accounts or Isas is too time consuming.

"People aren’t investing enough time into researching new financial products, such as Isas, meaning they could be losing out, by not taking advantage of better deals elsewhere," James Westlake, UK VP at Trustpilot, said.

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