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February 10, 2009    

M&S Money holds ISA rate

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by David Masters
M&S Money holds ISA rate

M&S Money will not reduce the interest rate on one of its individual savings accounts (ISAs) despite last week’s Bank of England’s base rate cut.

The financial services wing of Marks & Spencer said interest on its Advantage Cash ISA will continue to be paid at 3.1%. This rate includes a 1% bonus until April 21, 2010.

According to M&S Money, this is the highest rate available on the market for a cash ISA that accepts transfers in.

Savers can invest both this year’s and the previous year’s allowance into the account.

M&S Money deputy chief executive Andy Ripley said: “The combination of the best rate in the market and the reassurance of the M&S Money brand is attracting thousands of enquiries per day for both new applications and transfers from other providers.”

In related news, research by uSwitch.com found that most savings account providers have cut interest rates by more than the Bank of England’s recent base rate cuts.

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