INTEREST RATES ON CASH ISAS

Motion Text

That this House notes the continuing problem of some banks paying absurdly low rates of interest on ISAs to customers; further notes that some banks such as Barclays, Halifax and Santander have a rate as low as 0.1 per cent. meaning that savers with £10,000 in an ISA receive the paltry sum of £10 per annum interest compared to some mutual building societies offering 3 per cent. resulting in savers getting thirty times more interest or £300 per annum for the same £10,000; commends those newspapers which have helped to highlight this disparity; and calls for more assistance to be given to consumers enabling them to switch providers more easily.