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Fidelity International raises interest rate for ISA Cash Park

The offer runs from January 19, 2009 to July 31, 2009

Fidelity International has raised the interest rate payable to investors holding cash in its ISA Cash Park to 0.2% above the Bank of England base rate.

The offer runs from January 19, 2009 to July 31, 2009 and, with base rates recently reduced to 1.5%, means it currently pays investors 1.7%. The previous rate payable was 0.4% under the base rate. The new special offer interest rate compares favourably with the 0.81% average rate of interest paid on instant access accounts from banks and building societies, according to the latest Bank of England figures.

Fidelity’s ISA Cash Park enables investors to use their stocks and shares ISA allowance, but defer their fund selection decisions, by placing their investment temporarily in cash.

Rob Fisher, head of UK Direct at Fidelity International, said: The improved interest rate gives investors some reward if they choose the ISA Cash Park option for their ISA this year. It’s really important that investors make use of their annual ISA allowances given that they offer valuable tax advantages at a time when we all know that tax rates on individuals are on the way up again.

Fidelity International was established in 1969 and provides asset management services to investors outside the Americas. The company offers a wide range of funds across regions, industrial sectors and asset classes.