Cash ISA Rates Hit Record Low
April 14th, 2016
Interest rates on cash ISAs hit a record low in the wake of the Budget, which promised a big rise to £20,000 in the annual ISA allowance next year. The Post Office cut its ‘best buy’ rate from 1.5% to 1.04% while NS&I said it would cut its popular ISA Direct rate from 1.25% to 1% in June. Since all savers now have a Personal Savings Allowance of £1,000 in savings interest a year (£500 for higher rate taxpayers), it can make sense to find a better interest rate in a non-ISA account.