Selasa, 19 Juni 2012

Cash Isa deals slashed for new accounts

Cash Isa deals slashed for new accounts

By Daily Mail Reporter

PUBLISHED: 19:42 EST, 19 June 2012 | UPDATED: 19:42 EST, 19 June 2012

Banks continue to cut cash Isa rates for new savers.

A low 1.85  per cent is on offer to those who open a tax-free Cash Isa Saver with Lloyds TSB on balances up to £2,000. This is a huge drop on the 2.65  per cent paid to new savers at the start of the month.

It has also made the bonus less attractive by paying extra for just 12 months. In its previous deal, the bonus lasted for 18 months.

Low interest: New savers are seeing cash Isa rates cut

Low interest: New savers are seeing cash Isa rates cut

Bank of Scotland, also part of Lloyds Banking Group, cut its easy-access cash Isa rate to 2.35  per cent, including a bonus of 1.85 percentage points  for 12 months, so the underlying rate is 0.5  per cent.

Savers who opened an account between March 5 and June 9 get 2.75  per cent, including a 2.25 point bonus which runs for 18 months.

These cuts follow lower rates on offer from Halifax, CG and NatWest while Skipton has closed its top paying Online Bonus Cash Isa which paid 3.05  per cent.

On fixed-rate deals, Lloyds TSB has cut its two-year rate for new savers to 2.5  per cent on balances up to £10,000 and 3.2  per cent for higher amounts. This is less than the 3.3  per cent you can earn on Santander’s Direct Isa 9 which gives you easy access to your money.

BM Savings has cut its two-year rate to 3.3  per cent, down from 3.6  per cent last week, while Saga has dropped its rate to 3  per cent from 3.6  per cent. Top-fixed rate Isa deals come from Santander at 3.5  per cent for one year or 4  per cent for two years. Halifax pays 4  per cent fixed for three years.

sy.morris@dailymail.co.uk

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