Savings Rates Continue Downward Spiral

June 2016 – Last week Skipton Building Society offered a five year cash ISA with an interest rate of just 2.01% thus just beating “Your” Nationwide Building Society’s measly offering of 2% by a whisker.  Analysts have said that building societies are doing just the minimum for their saver members.

In 2011 an interest rate of 5% on a five year ISA would not be uncommon and at that time a Skipton ISA was paying 4.4%.

The Bank Rate has remained unchanged throughout the period!