M&S Money ISA interest rate unchanged

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M&S Money ISA interest rate unchanged

Mon 9th Feb 2009

M&S Money has announced that it will not be reducing the interest rates on one of its individual savings accounts (ISAs), despite the Bank of England's reduction of the base rate last week.

The supermarket financial services provider said that its Advantage Cash ISA would continue to pay interest at a rate of 3.1 per cent.

M&S Money claims that this rate is the highest on the market for a cash ISA that accepts transfers in.

Andy Ripley, M&S Money deputy chief executive, said: "The combination of the best rate in the market and the reassurance of the M&S Money brand is attracting thousands of enquiries per day for both new applications and transfers from other providers."

Research published by uSwitch.com before the latest base rate cut revealed that, since the start of the year, savings account providers had cut their average interest rates by more than the base rate.

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