Consumers 'shun ISAs' over cost worries

Online adviser MoneyFarm said the number of new ISA accounts opened has been on a gradual decline in the past years, particularly impacted by low-interest rates and their 'high' cost. Citing HM Revenue & Customs figures, the firm said 14.6m accounts (both cash and shares) were opened in 2012/13, down to 13.5m in the following year and 13m in 2014/15. The reason for the decline was consumers are worried about the returns the cash products would be able to achieve in a the prevailing low-interest environment and the high cost of opening a shares ISA, which threatened to erode returns, M...