Deposits into cash Isas fall by 87% in a year as banks and building societies cut rates to as little as 0.01%
Savers have turned their backs on the once-popular cash Isa.
The amount flowing into these accounts has fallen by an astonishing 87 per cent in a year, latest figures reveal.
Just £221 million went into cash Isas in August, compared with £1.7 billion in the same month last year.
Rock bottom interest rates, new tax rules and complicated terms and conditions have all played a part in destroying the appeal of these tax-free accounts, which were once the bedrock of any savings strategy.
The cash Isa used to be a simple tax-free savings deal. Now, savers have to grapple with a variety of... read more