HL Cash ISA

Drp8713

I've got a bit of money in a Virgin Cash ISA opened last year getting 2% (well they haven't written to me to say it's changed since April)

Just looked at the HL website, usually it's pretty straightforward but I can't find some info on their cash ISA in the T&C's.

It says it is currently 1% variable and "pegged" to the BOE base rate.

I'm reading that as BOE base rate (currently 0.5%) + 0.5%.

Now if that is the case and is is guaranteed (at least to deposits already made), come the end of QE there will surely an interest rate rise, in which case that could be a good place to have the money.

Can anybody decipher if there is any guarantee for money deposited that base rate + 0.5% will remain, if so I believe base rate is announced monthly, I assume the ISA rate would be reviewed monthly and also if a rate cap would apply

Thanks

Archi_Bald

It's been one of the worst cash ISAs in the market ever since HL launched that product. I wouldn't expect them to ever offer any best rate, even once interest rates rise again.

Other providers will also offer better rates once again when interest rates rise again.