Property News · March 14, 2016

Isa season fails to boost lowest ever savings rates


Industry expert blames government’s funding for lending scheme for poor returns on Isas and savings accountsSavings rates have plummeted to the lowest level in history at a time when banks and building societies are typically trying to attract savers’ cash.Instead of raising rates during Isa season, providers have been slashing them. Today the average easy access cash Isa pays 1.05%, compared to 1.51% five years ago, according to financial analyst Moneyfacts. The average rate on an easy access savings account, meanwhile, has slumped to 0.61% compared to 0.85% five years ago. This is barely above the Bank of England base rate, which has stood at 0.5% since 2009. Continue reading…

Source : theguardian.com
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