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MSE News: Ditch old cash Isas as banks slash rates

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MSE News: Ditch old cash Isas as banks slash rates

edited 30 November -1 at 1:00AM in Savings & Investments
3 replies 1.6K views
MSE_GuyMSE_Guy MSE Staff
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edited 30 November -1 at 1:00AM in Savings & Investments
This is the discussion thread for the following MSE News Story:

"Providers are quietly slashing returns on older, Isas so savers should wise up and switch where necessary ..."

Replies

  • dillydillydillydilly Forumite
    171 posts
    I did everything that's suggested here - carefully noted the end date of the 'bonus rate', contacted Santander to transfer to a new rate, received confirmation that the transfer had been made, but of course you don't get statements until the year is up. On receiving the statement a year later I discover that the new 'bonus rate' had not been applied at all. I have contacted Santander asking what's happened and await a response. How many people actually go to the effort of actually checking they got the rate they were expecting ? It should be made law that banks clearly show the interest rates they are paying on savings, particularly with the huge growth in the 'bonus rates' tactic in recent years. As the article says - merely publishing hsitorical rates doesn't cover the bonus rate element as this will depend on when the account was opened.
  • Gordon_the_MoronGordon_the_Moron Forumite
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    The article lists Santander's flexible ISA issue 1 as now paying 2.5% instead of 3.5%

    It actually pays 0.5% but with a 2% bonus for a further year if your balance is over £8.5k so if you only have 1 year's allowance in it will be paying 0.5% (hence why mine quickly winged its way into my local Halifax branch on expiry of the bonus)
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  • Thankyou Gordon, will keep a careful eye in future. Regards, Richard
This discussion has been closed.

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