Teachers Building Society launches new savings account with ‘attractive’ 3% interest rate | Personal Finance | Finance

“Those who choose Teachers Building Society can also benefit from an additional ‘feel-good factor’, knowing that by saving with us, they are directly supporting our mission to help more teachers buy their first homes.”

Sarah Coles, a senior personal finance analyst at Hargreaves Lansdown, emphasised that cash ISAs do not usually garner the same interest as other savings accounts.

Ms Coles said: “Given that cash ISAs tend to pay lower rates on average then their savings account equivalents, demand for cash ISAs fell through the floor.

“They fell by a third in the first year the allowances were introduced, because savers couldn’t see the point.”