Watch out for a fall in your cash Isa deal

CASH Isa statements — sent out once a year by banks and building societies — are hitting savers’ doormats now.

This year they have changed — the rate you are earning on your money will be printed on your statement.

The move comes after the Office of Fair Trading (OFT) and Financial Services Authority (FSA) demanded banks and building societies inform you of how much you earn.

Previously, all they had to do was send you a long list of rates they paid on all their accounts and leave you to fathom out which issue you have and your rate. consumer groups pointed out many savers do not keep track of the interest rates. Or they might not know the accurate name — or issue number — of their account.

Some accounts with the same bank or building societies have very similar names. Others have the same name, but are followed by a different number.

This means you can be earning just 0.1 pc on your cash Isa while your bank or building society is paying 2.75 pc on a similarly named account.

For example, Halifax Variable Rate ISA Saver pays 0.1 pc, while Halifax ISA Saver Variable pays 2.75 pc. Santander Direct Isa Issue 9 pays 3.3 pc, but Direct Isa Issue 1 pays 0.3 pc.

If you are in a lousy account, switch to a better deal. Approach a toppaying new provider that accepts transfers (see table on the right) and ask it to arrange the switch for you.

The rate paid on variable easy access accounts can change at any time. So keep an eye on your rate throughout the year, too.