M&S Money savings amount rate cut

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M&S Money savings amount rate cut

Wed 12th Nov 2008

M&S Money, a subsidiary of HSBC, has announced changes to the interest rates on its savings accounts.

The bank announced that the rates on its variable cash Isas would match the Bank of England's base rate until at least 2010.

It also launched a range of fixed-rate savings accounts with a five per cent AER gross.

This latest move comes as a new report reveals that Brits are taking a more positive attitude to saving because of the credit crunch.

Research by the Birmingham Midshires Saving Britain campaign reveals that people in the UK are increasingly leaving their money in savings accounts and taking a more cautious approach to withdrawals.

Tim Hague, director of savings and investments at Birmingham Midshires, said: "While there is clearly pressure on disposable income, people are trying to preserve the buffer of a savings pot.

"Making deposits where possible and having existing savings remain critical in the months ahead."

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