Cash ISA savers are receiving 40 times less interest compared to those in similar taxed accounts.
Some ISAs are earning customers pennies in interest on thousands of pounds of savings, according to The Daily Mail. In April 1999 when tax-free cash ISAs were launched, they were the top-paying accounts at every bank. But in a stark reversal in some cases today they are the worst, with banks sitting on a large pot of funds on which they pay little interest. More than 18 million savers have £167m in cash ISAs . In April 1999, cash Isas earned an average 6.32pc - 1.07 percentage points above base rate. Now the average is 0.41 pc - 0.09 points below base rate. Tax relief was wor...
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