M&S Money announces ISA rate reduction
M&S Money, the financial services division of the Marks & Spencer group, has announced that it has cut the rate of interest it offers to its cash individual savings account (ISA) customers.
M&S Money also announced that it offers fixed-rate savings accounts paying up to 3.25 per cent interest for periods of one, two or three years.
In a statement, the bank said: "Last month, M&S Money reduced its variable Cash ISA rate by only 0.5 per cent, rather than the full percentage point."
Earlier this month, the Bank of England cut its base rate by a further 0.5 per cent, meaning that M&S Money could potentially cut their ISA interest rates further and still maintain their guarantee.
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