Marks & Spencer Money Cash Isa rate increase
www.moneynews.co.uk > Banking > Marks & Spencer Money Cash Isa rate increase
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Marks & Spencer Money Cash Isa rate increase
Thu 11th Jan 2007
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The interest rate on the Marks & Spencer Money Cash Isa has been raised from five per cent to 5.25 per cent, as of tomorrow, after the Monetary Policy Committee increased base rate by a quarter point to 5.25 per cent.
When the base rate changes, Marks & Spencer has pledged to equal it until December 31st this year. The new rate will not only apply to the Marks & Spencer Mini Cash Isa but also the Tessa Only Isa as well as the cash component element of the Maxi Isa.
Up to £7,000 can be invested per tax year on the Marks & Spencer Maxi Isa, with a maximum of £3,000 on the Mini cash Isa and £4,000 on the Mini Stocks and Shares Isa.
The base rate was not predicted to raise this month by most experts, with most estimating next month instead. With consumer price inflation rising to the highest level in ten years, the Bank of England has acted to curb this with this latest rate hike.
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