Industry expert blames government’s funding for lending scheme for destitute 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. nowadays the average easy access cash Isa pays 1.05%, compared to 1.51% five years ago, and 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, or which has stood at 0.5% since 2009.
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Source: theguardian.com