M&S savings rate changes

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M&S savings rate changes

The savings rate for M&S's variable cash individual savings account (ISA) has been changed.

It will now at least match the Bank of England's base rate until January 1st 2010.

M&S is also offering a new tranche of fixed-rate savings this month.

The new deals offer guaranteed interest rates over one, two and three years with rates of up to five per cent AER/gross.

Last week, M&S released the results of research which found that Scottish travellers exchange the most money before going on holiday.

They change an average of £340, while those in Northern Ireland buy just £295 worth of foreign currency.

In the south-west, the average transaction is £298.

Fraser Millar, head of travel services, said that buying more currency in advance brings in greater value for money.

He warned that waiting to reach the airport before buying travel money could mean having to pay higher commission and suffering worse exchange rates.

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