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Which banks are cutting your ISA savings?


Michael Browne
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Some banks have been hacking away at the worth of your savings, making 171 cuts in 6 years.Some people are getting screwed out of £178.50 a year!

 

According to Which?, some banks are considerably worse than others, as they crunched the numbers on 212 instant-access cash ISAs from 21 banks and building societies.

 

Which? said NatWest had the largest amount of cuts per account, with eight across two accounts over six years.

 

The bank's e-ISA used to earn savers 2%, but for those who haven't moved their money will now be getting a paltry 0.25%.

 

Which? also saw that Tesco Bank had made three rate cuts on one account, and at RBS, they'd made two cuts on one account, and Barclays made 13 cuts across seven accounts.

 

The worst banks for cutting ISA rates are, in order:

  • NatWest
  • Tesco Bank
  • RBS
  • Barclays
  • M&S Bank
  • HSBC

http://www.bitterwallet.com/banking/which-banks-are-cutting-your-isa-savings-92417

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Santander isn't in that list - probably cos their interest rates were so shockingly low in the first place, there was nothing to cut !

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