Cash ISA savers missing out on the transfer market

20 February 2018
  • Half of Cash ISA savers aged over 55 have never transferred accounts
  • Two out of five say they won’t switch because they want all their savings in one place and one in 10 believe transfers are too complicated  
  • Charter Savings Bank’s Mix and Match ISA platform enables savers to spread their annual allowance in more than one Cash ISA product at the same time

New research1 from Charter Savings Bank shows Cash ISA savers are missing out on transferring their accounts to gain more competitive rates and increased flexibility because they value convenience over better returns and fear the transfer will be too complicated.

The research indicates that half (50%) of Cash ISA savers aged 55-plus have never moved their accounts to another provider, with more than two out of five (43%) saying they don’t transfer their savings because they want all their money in one place.

However, nearly one in 10 (9%) say they have never transferred because they think the switch will be too complicated, while 42% believe they will not be able to secure a more competitive deal.

HMRC data2 shows around 10.3 million over-55s have money in Cash ISAs, with around 3.9 million opening new accounts each year. Under current ISA rules, most providers only allow savers to deposit their annual allowance into one type of Cash ISA account per year, limiting options for savers.

Charter Savings Bank is offering more choice with its Mix & Match ISA platform, enabling savers to spread their annual allowance within multiple Cash ISAs.

Most providers only offer a Fixed Cash ISA or Easy Access Cash ISA as an option to their customers and lock them in, whereas the Mix & Match ISA gives the customer flexibility.

With the Mix & Match ISA, customers don’t have to put all of their annual allowance into one single Cash ISA. They could for example open an Easy Access Cash ISA with £5,000 and then the following month deposit £10,000 in a 1 Year Fixed Rate Cash ISA product. If they have more money available they could open a third Cash ISA product using the remaining £5,000 of their annual allowance.

Charter Savings Bank has also adopted the industry’s eISA system to ensure most savers switching will benefit from a quick and simple transfer.

Its research shows the main motivation for transferring Cash ISA accounts from their existing provider is a rate reduction: 51% of over-55s who have moved said they switched because of a reduction.

Just 35% of over-55s say they always assess the Cash ISA offers each year and move if they find a better rate, while one in three (33%) say they move when the fixed rate term on their Cash ISA expires.

Charter Savings Bank’s research found the age group most likely to transfer Cash ISAs are those aged between 25 and 44 – around 62% of them have switched their Cash ISAs.

Paul Whitlock, Director of Savings, Charter Savings Bank says: “Transferring Cash ISA accounts is a straightforward process, now that the industry has signed up to new standards and is utilising new technology and systems.

“People regularly shop around for more competitive deals on a wide range of goods and services, and that should also be the case in the Cash ISA market. Those who don’t move are risking missing out on more competitive rates, greater flexibility and access to their savings when needed.

“The Charter Savings Bank Mix & Match ISA provides flexibility for savers and enables them to split their allowance across multiple accounts, all with competitive rates.”

Visit for full details.

1 Consumer Intelligence conducted research among 1,021 cash ISA savers on behalf of Charter Savings Bank between 24th and 25th January 2018.

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Customers vote Charter Savings Bank Best Online Savings Provider for third year in a row

02 February 2018

Charter Savings Bank is celebrating its third anniversary early after winning the Online Savings Provider of the Year for the third year in a row at the 2018 Moneyfacts Consumer Awards.

More than 160,000 customers voted in the awards which are designed to identity the organisations which combine technical merit with service excellence and cover personal, household and family finance.

Charter Savings Bank received its award, which it also won in 2016 and 2017, at a ceremony at The Royal Lancaster Hotel in London.

The Online Savings Provider 2018 trophy takes the total of awards won by the bank since its launch in 2015 to 16 for its savings accounts and service in addition to a number of Highly Commended awards.

Paul Whitlock, Director of Savings, Charter Savings Bank said: “The fact that customer votes are a major part of these awards makes winning Online Savings Provider of the Year so special.

“Our aim since we first opened for business has always been to combine simple, straightforward savings products with good service and it is good to see that reflected with the Moneyfacts Consumer award.”

Shortlists for the Awards are assessed by Moneyfacts’ research team and only the companies rated as offering the best products go on to form the shortlist which is then voted on by customers. More than 160,000 customer surveys were completed making the 2018 awards the most competitive ever.

The University of East Anglia was commissioned to independently verify the customer survey and the subsequent analysis to ensure the process is fully transparent.

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Charter Savings Bank strikes twice at the Moneynet Awards

01 February 2018

Charter Savings Bank won two awards at the eighth annual Moneynet Personal Finance Awards, including Best All-Round Savings Provider and Best Fixed Rate Savings Provider. It was also highly commended for the Best Cash ISA Provider.

The Personal Finance Awards from Moneynet, one of the UK’s longest established personal finance information sites, recognise the top providers and products from the last twelve months.

Paul Whitlock, Director of Savings, Charter Savings Bank says: “Our business has gone from strength to strength since we launched in March 2015 and these awards cement the fact that we offer excellent choice and value to new and existing customers. We have a range of competitive products and it’s great to see this being recognised by the industry.”

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We’re all going on a retirement gap year

13 December 2017
  • Nearly two out of five plan an extended gap year trip when they are 60-plus
  • Two out of three are banking on savings to fund the £5,000 cost

New research1 from Charter Savings Bank shows older travellers are increasingly leading the way when it comes to gap years.

While traditionally a gap year is something students do on a tight budget after school or university, the bank’s study found two out of five (40%) workers are planning one when they are 60-plus and will fund their trip with savings built up through a lifetime of work. By contrast just one in five (18%) are planning gap years by the time they are 30-years-old.

Estimates2 show that in an average year, over half a million UK adults take a gap year, with older travellers spending around £5,000 on their trip. Around 60% of gap year travellers are students or people who are still working.

Charter Savings Bank research found around half (49%) over-45s have never taken a gap year or extended break from work but intend to take their chance to travel once they are in their 60s or have retired.

The gap year wish list is topped by continental Europe, with the under-25s in particular (48%) choosing it as their preferred destination.









Australia/New Zealand




Round the World trip








South East Asia




South America
















Source: Charter Savings Bank, September 2017

Would-be gap year travellers will rely on savings to fund their trips, the study shows. Up to two-thirds (63%) say they will take money from their savings accounts for the trip compared with just 7% who will use credit cards.

Younger travellers are slightly less likely to cash in savings – 56% of under-25s will take out cash while 16% will rely on credit cards and one in three (32%) will work during their gap year to raise cash. Only around 9% of over-55s will be working on their gap year.

Paul Whitlock, Director of Savings, Charter Savings Bank says: “Many of us think about gap years being the preserve of backpacking students, but increasingly we’re seeing that older customers are catching the travelling bug.

It’s worth remembering that once-in-a-lifetime opportunities can happen at any time of life, and whilst globe-trotting in your 60s might seem like a long time to wait it does have the advantage of travelling in a little more luxury and not having to run up debts to fund it.

It definitely highlights that a savings habit does pay off, even if the amount you’re able to put aside today seems too small to make a difference.”

The research shows the biggest motivation for a gap year – cited by 25% of those questioned – is the chance for a once-in-a-lifetime experience while 12% see it a chance for a career break and 11% are motivated by a desire to see the world.

The checklist below outlines financial considerations for those planning a gap year in retirement

  • Set a budget before setting off and if necessary see a financial adviser to asses your financial position
  • Make a plan on what to do with your property – renting out your home while you are away will help provide funds but you will need someone to manage the property and will need to review insurance
  • Take out long-term trip travel insurance
  • Move your finances online so you can manage money when you are travelling

On a regional level, those living in the South East are the most likely to plan a year off (14%), followed by those living in the North West (11%) and Yorkshire and Humberside (11%). In comparison, only 4% of those living in Wales are planning to have a gap year.

1 Consumer Intelligence conducted research on behalf of Charter Savings Bank between 20th and 21st September 2017 among a nationally representative sample of 1,029 UK adults aged 18-plus.

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Charter Savings Bank named one of the UK’s most inspiring companies

12 May 2017

Charter Court Financial Services Limited (CCFS), the owner of Charter Savings Bank, has been named as one of the UK’s most inspiring companies in an influential report which showcases the country’s most dynamic businesses.

The Wolverhampton-based financial services company has been included in the London Stock Exchange Group’s 1,000 Companies to Inspire Britain 2017 report.

The report features small and medium-sized companies from more than 40 sectors which have demonstrated positive growth in revenue and strong performance in their areas of expertise.

Founded in 2008, it is the first time CCFS has been included in the report, and comes just months after it was ranked, for the second year running, in The Sunday Times 100 Best Companies to Work For. CCFS was named the third best company to work for in 2017, after featuring tenth on the list in 2016.

CCFS employs more than 450 people. It offers savings products which regularly feature at the top of the best buy tables, and is a top 20 UK mortgage lender.

Ian Lonergan, CEO of CCFS, commented: “We’re delighted to be named one of the London Stock Exchange Group’s 1,000 Companies to Inspire Britain 2017.

“To achieve recognition in such a prestigious publication less than 10 years after the company was founded is testament to the hard work and dedication everyone who works for the business has put in.”

Xavier Rolet, Chief Executive of the London Stock Exchange Group, highlighted CCFS as an example of how London’s dominance is being challenged by the West Midlands and other regions.

“CCFS is a successful specialist bank that is growing rapidly and has created more than 450 jobs in a sector which is traditionally associated with the Square Mile in the City of London,” he said.

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Wolverhampton firm tops Sunday Times list

10 March 2017

Charter Court Financial Services (CCFS) has been ranked third in The Sunday Times 100 Best Companies to Work For 2017.

CCFS employs more than 450 people at its headquarters in Wolverhampton. It offers an award-winning range of mortgages, and savings products which regularly feature at the top of the best buy tables.

The Sunday Times 100 Best Companies to Work For is an annual survey ranking the cream of Britain's happy and motivated workforces. Its appearance each year is now a highly anticipated event in the business calendar.

The survey is widely acknowledged as the most extensive research into employee engagement carried out in the country due to the methods of data-gathering and analysis it uses. Scores and ratings are based on employee opinions, and each year the questionnaires are revised and updated to reflect current workplace concerns.

Ian Lonergan, CEO of CCFS, commented: “We’re delighted to be named in the top ten of the Sunday Times 100 Best Companies to Work For survey for the second year running. We would not have been able to achieve this prestigious award without our fantastic employees. This accolade, which is voted for by our employees, is a great acknowledgement of the culture and working environment we’ve all worked so hard to achieve.”

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Financial Services Compensation Scheme

Financial Services Compensation Scheme

Your eligible deposits with Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit