Investment Comparison - Ditch the Worst
Ditch the Worst Cash ISAs and get the Best- Sylvia Morris, Money Mail
The average rate paid is just 0.47% - below the Bank of England base rate of 0.5%. But this figure is inflated by attractive new accounts aimed at tempting new savers in before the end of the tax year on April 5. The underlying rate is nearer 0.41% - and some pay much less.
The Worst Offenders
Research from financial analysts Defaqto reveals 50 leading providers pay less than base rate on a £3,600 deposit. Money Mail has identified a further 100 accounts closed to new savers, some of which also pay poor rates. The worst is Cheltenham & Gloucester's Cash Isa at 0.05%, giving a miserly £5 a year interest on £10,000, or £15 on a £30,000 balance. Barclays and Santander pay as little as 0.1% and Halifax pays just 0.2% at best on its Isa Saver. These would give £10 or £20 on £10,000.
Kevin Mountford, from Moneysupermarket.com, says: 'These banks rely on lack of knowledge, apathy or concerns around the switching process to pay poor rates on older accounts.'
Rev John Strain, of campaign group Save Our Savers, says: 'By paying low rates, banks and building societies appear to be discouraging long-term savings.'
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