Customers will save more money by switching their car insurance provider than they could if they saved their money in an individual savings account (ISA), according to a price comparison website .
Gocompare.com claims that saving the maximum tax-free savings allowance in the current best buy ISA, which offers interest at a rate of 3.61 per cent, would generate a return of £129.96 over the course of one year. However the website says that by switching to a cheaper car insurance provider, customers could save an average of £207 over the period of a year.
Hayley Parsons, chief executive of Gocompare.com, said: "Comparing the cost of your car insurance may save you more money in ten minutes than the maximum deposit in the best buy cash ISA will earn you in 18 months."
Recently, Barclays announced that it had seen an increase of 67 per cent in the number of investment ISAs opened compared to last year.
Switching car insurance saves more money than investing in ISAs
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Switching car insurance saves more money than investing in ISAs
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