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PPI: Cash Isa providers urged to print interest rates on statements

UK banks and building societies should print the interest rate paid on a customer's cash Isa account on their statements, it has been claimed.

Mark Hoban, financial secretary to the treasury, also urged British financial institutions to reduce the time it takes for customers to switch their Isa balance to another provider.

Firms are currently required to complete the changeover within 30 days, but banks rarely achieve this target and some transfers can take as long as six months.

"One of the most basic things people need to know about their account is the rate of interest they're earning - this is fundamental" Mr Hoban told audience members attending the recent Tax Incentivised Savings Association conference.

"It seems incredible that people should struggle to find out what this is - that it isn't at the top of every statement."

Although banks have agreed print interest rates on statements, they will not be required to do so until 2012.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800255123-ADNFCR

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