If your ISA provider drops the interest rate without warning or withdraws a fixed rate account, what can you do?
If you’ve taken out a cash ISA this year, you may feel that the low interest rates are enough grounds to complain (and who could blame you?). But, every year – at around this time - the free to use Financial Ombudsman Service gets a steady stream of complaints about banks or building societies not transferring or opening ISAs correctly or chopping and changing interest rates. So, when can you complain and when is it a case of ‘saver beware’?
How to find a cash ISA paying the highest rate of interest
At the start of a new tax year, which cash ISAs pay the most interest?
The end of one tax year and the start of another one normally means a flurry of new cash ISA offers. However, this year has been rather different. Santander withdrew its cash ISA the other day (just two days into a new tax year) and even the ‘best buys’ are struggling to pay more than 2.25%. But if you are going to open a cash ISA, make sure you get the best rate you can.
Which banks are in the UK savings compensation scheme and do they protect £85,000 of savings?
Which banks share a compensation limit and which aren’t members of the UK’s compensation scheme?
The Cyprus banking crisis has made many savers worried about exactly how safe their savings are. The vast majority of banks operating in the UK (and building societies) are covered by the Financial Services Compensation Scheme. That means if you have savings with them, you are protected up to a limit of £85,000. But it’s not that simple as some banks ‘share’ the £85,000 limit between them.