ii increases interest rate on cash balances as hikes continue

From 0.25% to 0.5%

Investment platform interactive investor is increasing the increase the rate of interest on cash balances over £10,000, or the equivalent value over £10,000 held in US dollars, from 1 October 2022.

For ISAs, JISAs and trading accounts ii is putting interest to of 0.5% AER, up from 0.25%. SIPPs will be increased to 1% AER, also up from 0.25%. Richard Colwell retires after more than three decades in the City ii first started paying interest on cash balances at or over £10,000 back in July this year. Richard Wilson, CEO of ii, said this in response to the central bank's recent rate hikes, so it had "updated our interest rates". He said: "Our focus, as the UK's leading subscription-based investment platform, is to continue to deliver the best value and choice to UK retail i...