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All Cash ISA Savings Interest Rates Plunge Below 1.00%

Personal_Finance / ISA's Nov 21, 2016 - 02:47 PM GMT

By: MoneyFacts

Personal_Finance

Moneyfacts UK Savings Trends Treasury Report data, yet to be published, highlights that all ISA averages have fallen below the 1.00% barrier for the first time on Moneyfacts records.


Charlotte Nelson, Finance Expert at Moneyfacts, said:

“We are still seeing the fallout from the Bank of England’s base rate cut, with rates continuing to fall. ISA rates have been hit particularly hard and as a result the long-term fixed ISA rate, the last bastion of hope, has slid below 1.00% for the first time. Activity in the ISA market tends to remain stable in the winter months, with most of the activity occurring during the ISA season, so the fact that providers are actively cutting at this time of year is notable.

“The ISA market has had the biggest shock to rates, which is in part due to the fact that these deals have historically paid higher rates than standard accounts, therefore giving providers more room to cut rates in this area.

“The Personal Savings Allowance also has a lot to answer for, as since its introduction in April the appetite for ISAs from both providers and savers has dropped dramatically, causing rates to plummet to these new lows.

“ISAs were traditionally where many savers stashed their funds, not only for the tax-free element, but also the higher rates they offered. Now, savers are going to have to do some soul and savings deal-searching to ensure they are still getting the maximum return from their savings pot.”

The Moneyfacts UK Savings Trends Treasury Report, out later this month, is a comprehensive monthly overview of current and historical data for the savings and investment market, incorporating written commentary alongside graphs and tables highlighting key trends.

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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