Banks cut interest rates for cash ISAs and easy access accounts
If you’re lucky enough to have money to put in a savings account, then BEWARE. Banks are slashing rates across the board on cash ISAs and Easy Access accounts, and some companies like Intelligent Finance have closed their doors to new savers entirely.
While the housing market becomes more buoyant, people who actually have a bit of real money in the bank are suffering. So where should you go for the best deal?
Well, if you save with Intelligent Finance already, you should know that they’re going to cut their Cash Isa rate to 0.96% on March 24th. For a better deal, switch to a Virgin Money Easy Access E-Isa – interest on that is 1.75%.
If you have an easy access, taxable account, one of the better rates is with Tesco – their Internet Saver pays 1.24%. Or if you’d rather support the smaller building societies, Coventry offer a slightly healthier 1.28%, but you can only withdraw four times a year without being charged.
Really, you’d probably be better off putting it under your bed in a chamber pot, but if you don't have any other cash ISAs, one of the best easy access rates around is with good old National Savings and Investments. Despite cutting rates from 1.75% to 1.5, it's still the best deal for savers in the doldrums.