ISA rates rise

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ISA rates rise

Moneynet.co.uk has conducted research which reveals that the rates of interest offered on ISAs in the UK are currently rising, despite the continuing cuts to the Bank of England's base rate.

The price comparison site found that the average rate of interest offered on a cash ISA in the UK increased from 1.63 per cent in January to 2.01 per cent in February.

This increase may be caused by ISA providers keeping deliberately inflating the rates they offer as the end-of-year tax free savings allowance deadline approaches, in order to attract more custom.

Moneynet.co.uk claims that the current best buy variable-rate cash ISA is Barclays' Golden ISA, while Leeds Building Society is currently offering the highest fixed rate of interest, with its five-year cash ISA.

ISAs, which were introduced by the Labour government in 1999, enable people in the UK to earn tax-free interest on savings of up to £3,600 every year.

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