M&S Money: ISA rate reductions
www.moneynews.co.uk > General finance > M&S Money: ISA rate reductions
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M&S Money: ISA rate reductions
Mon 8th Dec 2008
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The changes follow the Bank of England's one per cent cut in the base rate of interest last week, which now leaves it at two per cent.
M&S Money has guaranteed that the interest rates on its ISA will at least match the Bank of England's base rate until January 2010, although it currently sits at 0.75 per cent over the base rate.
Brendan Cook, chief executive of M&S Money, said: "We recognise that times are difficult. In light of this, we have reduced our variable cash ISA rate by only half a percentage point, rather than the full amount."
Recent research by independent price comparison website moneysupermarket.com revealed that many banks had raised the amount of interest they charged overdrawn customers, while reducing the amount they paid to those who saved.
Related News : General finance |
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Related News : Banking |
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