Katie Horne, banks relationship manager at Flagstone, said: “Higher rates and bonus offers from banks and other ISA providers are continuing to entice savers into Cash ISAs as the new tax year gets under way.
“Competition for quality savings accounts that protect cash with interest rates that beat inflation is likely to remain high in the medium to long term and this can only benefit savers.
“The only thing that’s certain about the current geopolitical climate is that events can turn on a sixpence.
“Political rhetoric is causing huge volatility in stock markets and fuelling speculation over how long interest rates will hold or when they might start to rise.
“Recent Flagstone research found that 67 per cent of Cash ISA savers say it is their favourite type of saving option.
“The same proportion (66 per cent) choose Cash ISAs over Stocks and Shares ISA alternatives because they’re not prepared to put their money at risk.
“Newbie or would-be investors are holding tight to their cash for longer and banks are responding to this reality.
“It’s a great time for savers to take advantage of competitive rates and compelling incentives if they want their money to work harder without taking risks or losing value.”
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