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Investors could save thousands of pounds by consolidating their ISA accounts, an investment platform has said. Interactive investor (ii) said its calculations showed investors with a £75,000 portfolio split between three providers could save £844 over a five-year period.

It said this could be done by bringing all your ISA accounts together into a single one with ii, which charges a flat fee. This assumes annual investment growth of 5% and a £25,000 investment with three providers - Hargreaves Lansdown, AJ Bell and ii.

The platform said over the same five-year period, savings rise to £1,949 and £3,775 for consolidated portfolios totalling £250,000 and £500,000, respectively.

The saving for a consolidated portfolio worth £100,000 is £561, according to the company, which oversees more than £95billion in assets.

Camilla Esmund, Senior Manager at Aberdeen Group's ii, said: "It's great to see the benefits of consolidating pensions being increasingly discussed in the industry, but the benefits of also consolidating ISAs can often be overlooked.

"Individuals may have multiple ISAs scattered across different providers, unknowingly paying over the odds and eating into their pots which should be benefiting from the magic of compounding."

Ms Esmund added that managing multiple ISAs across different providers makes tracking their performance more complex.

She suggested that putting all your ISAs into one platform makes managing investments "that bit easier".

A survey carried out for ii shows almost a third of investors (31%) currently have more than three different providers holding their investments and/or pensions, according to the company. Nearly half (47%) have two.

Forty three percent of investors would move platforms for lower fees, but might not realise having multiple ISAs means they pay "well over the odds", ii said.

According to the same platform, 1,000 adults in the UK with investment products were polled by Censuswide for the survey.

These products included Stocks and Shares ISAs with a balance of at least £20,000. The survey was carried out from January 16-20.

The details in this article do not amount to investment advice. It is important to remember the value of investments can go down as well as up and you may not get back the full amount invested. Other investment platforms are also available.