Intelligent Finance reduces rates on savings accounts

Telenet bank Intelligent Finance (IF) is lowering the interest rates available on its savings accounts. The move has added further credibility to accusations that some online banking operations have lured customers to their services with loss leading rates only to change them at a later date to the detriment of the customer. The interest rate payable on sums of £1-£999 held in an IF savings account will come down to 5.26% from 5.5% as of 7 August. IF has stressed though, that this new rate remains higher than it was in December 2000, despite the three interest rate cuts the Bank...