1935: The Irish In Us – Bacon
A quick update to the Cash ISA rates. Remember this is not advice, just a list of some top rates – however you should do your own checking of the detail (I suggest looking at MoneyFacts) and remember the compensation limit of £85,000 per person per banking license.
The only real change on last week is the Post Office, who have made a bit of a play for online savings, (Issue 5) which can be accessed “24/7/365″… which is asking for trouble! Now paying 3.17% it is better than a considerable number of Cash ISAs. However, be warned that the Post Office Ltd (not the same as National Savings) is an appointed representative of the Bank of Ireland (UK) Plc. If you would like to see their latest credit report, just click here. Though be warned, the data only goes to June 2010, which is pretty useless as its nearly 2 years out of date. So be warned, if you are able to place the maximum of £2m into this account, only £85,000 of it will be protected by the FSCS.
Otherwise rates look fairly unchanged. Kent Reliance have altered their fixed rate Cash ISA to 4.00% for their 5 year fix, which is probably good for a mortgage or loan, but not for your savings – locking in for 5 years at 4% seems like a very gloomy outlook for interest rates over the next 5 years.
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