Martin Lewis has instructed Brits to "be brave and ditch the cash ISA".
The money-saving expert said cash ISAs no longer offer competitive interest rates compared to standard saving accounts. Martin recommended people move their cash now in order to earn more.
Writing on his MoneySavingExpert website, Martin said: "I know for years many had it drilled into them (often by me) that cash ISAs were nicer – but now people need deprogramming and pushed to just focus on the highest interest rates which come from top normal savings.
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“Be brave, ditch the cash ISA and earn more.”
Martin told readers to use a savings account with a higher interest rate than an ISA. He added: "For most, there's no benefit of saving in a cash ISA – so you simply should focus on getting the highest interest rate.
"Over the last few years, cash ISAs have tended to have WORSE rates than normal savings across all categories."
Martin concluded that ultimately a cash ISA's only benefit is that it's a savings account you don't pay tax on. You should therefore only keep your cash ISA if you've got a large amount of money saved, close to the limit where you'll pay tax.
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