PPI Claim News - 12/3/2010
Bank Claim: Banks' 'appalling' rates short changing savers
Consumers are being severely short changed in interest payments through poorly managed Individual Saver Accounts (ISAs).
Savers could be losing substantial interest to the tune of £1,200 annually as banks and building societies drill down rates on existing cash ISAs, according to the Telegrpah.
Commenting on the allegation, Andrew Hagger, a savings expert with Moneynet.co.uk, told the news provider: "There are some appalling low rates being paid on these tax-free accounts. Alliance & Leicester, Santander, Barclays, Halifax, Nationwide and Virgin Money all have accounts paying just 0.1 per cent."
Mr Hagger added that while the low-rate products are not being actively promoted, there are "undoubtedly significant sums of money still languishing in these accounts where the rate is so low as to be almost worthless".
This is an opinion which seems to be supported by the findings of a new poll.
Research released this week by Clydesdale and Yorkshire Banks revealed that 84 per cent of people think that the rules on ISAs are "unfair" and penalise those who hope to gain a risk-averse investment.
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