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A warning has been issued to anyone with cash ISAs as they risk losing out on £170. Mark Burges Watson, co-founder of fintech firm Kaldi, has issued the warning as UK households rush to open cash ISAs.

The number of money held in the tax-free accounts is up 67% year-on-year to £69.5billion, with over two million new accounts opened. But Mark warned: "But while these products feel safe, in reality, they’re quietly losing people money.

"Yes, nominal rates have risen, but once you factor in inflation (3.8%) the picture is far less impressive. If you look at the real return today it’s closer to +0.2%. That’s barely above water - and for many savers, still a loss in real terms."

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Mr Burges Watson said: "After

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