The number of fixed rate individual savings accounts (ISAs) on the UK market has more than doubled in the last year.
According to moneyfacts.co.uk, the independent provider of personal finance information, the amount of fixed-rate ISAs has risen from 39 in 2009 to 84 in 2010.
Since the turn of the year, Alliance and Leicester, Birmingham Midshires, Chelsea Building Society, Leeds Building Society, the Post Office and Santander have all launched new accounts.
Michelle Slade, spokesperson for moneyfacts.co.uk, explained that ISAs are experiencing rates increases, while other savings rates are being cut.
She continued: "ISA savers will be further cheered as the increased cash ISA allowance of £5,100 is opened up to all savers from the start of the new tax year and not just the over 50s."
However, Andrew Hagger, PR and communications manager at moneynet.co.uk, questioned the value of fixed rate ISAs to basic rate taxpayers.
He said that low interest rates and inflation levels are hurting ordinary savers.
Amount of fixed rate ISA products increases in 2010
Financial Services > Saving Accounts > News
Amount of fixed rate ISA products increases in 2010
Tue, 26 Jan 2010
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