Feb 28 2008
The battle among financial service providers for savings account customers in the UK is "really heating up", it has been claimed.
According to the price comparison firm Moneyfacts, almost 80 per cent of all the mini cash-based individual savings accounts (Isas) on the market have been adjusted since the beginning of this year.
Furthermore, over 40 per cent these accounts, which are used many British parents as a way of saving for children, have been altered in February as banking groups and building societies look to attract people to their tax-incentivised offerings.
"As previously predicted, the last few weeks have seen the banks and building societies upping their game as the new tax year approaches," a statement from Moneyfacts explained.
A recent report from Marks & Spencer Money suggested that Isa investors in the UK will miss out on as much as £250 million worth of tax-free interest this year by failing to use all of their Isa allocations.
