No saving grace

I sympathise with W MacGregor (Letters, April 23) as I have had a similar experience, not with HM Revenue and Customs but with an ISA tax-free savings account.

Recently, I presented my bank pass book to have the interest accrued during 2009-10 to be added. I was shocked when I realised the interest paid was a meagre 0.1 per cent. In the preceding two years, interest was 2.17 per cent and 4.05 per cent. On a 20,000 investment, interest paid fell from 810 in 2007-8 to 20 in 2009-10.

My parents believed in saving for a rainy day and I followed their example, but when the rainy day arrived, I found the bank had purloined my umbrella while at the same time the bank executives were collecting large bonuses. I consider I have been swindled.


Menzies Avenue

Fintry, Stirlingshire