Investing platform offers temporary 8.5% interest rate

Investing and trading platform IG is offering a temporary cash interest rate of 8.5 per cent AER (annual equivalent rate) - twice the current Bank of England base rate.

- 

The boosted rate will be available to people who open a stocks and shares Isa, Sipp (self-invested personal pension) or a general investment account (GIA) and make an initial investment before May 31.

Once they have made an initial investment, any additional money that qualifying customers have deposited and are holding in cash on the account would earn 8.5 per cent interest until August 31, provided they keep any investment position open for this period. After this date, interest reverts to IG's standard 4.25 per cent rate.