M&S Money: ISA rates to be reduced

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M&S Money: ISA rates to be reduced

M&S Money has announced that it will reduce the rate of interest it pays to its individual savings account (ISA) customers, following the Bank of England's cutting of the base rate.

The bank, which is the financial services arm of the Marks & Spencer Group, said it is reducing its interest rate by 0.5 per cent and issued a guarantee that its rate would at least match the Bank of England's base rate until January 2010.

In a statement, the bank said: "Last month, M&S Money reduced its variable Cash ISA rate by only 0.5 per cent, rather than the full percentage point."

M&S Money also announced that it is offering a range of fixed-rate savings accounts which pay interest rates of up to 3.25 per cent for periods of three years.

The Bank of England has reduced interest rates by three per cent in recent months, meaning the base rate currently stands at 1.5 per cent.

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