Skipton Building Society has launched a limited edition online cash Isa offering 1.60 per cent tax-free returns per annum. The product is available online and has no bonus and no withdrawal restrictions. It also allows you to transfer your existing cash Isas into the account.An account can be open with a minimum of £1 by cash, debit card, electronic payment from another UK bank or building society, or an internal transfer from Skipton Building Society account.
The product is available online and has no bonus and no withdrawal restrictions. It also allows you to transfer existing cash Isas into the account. An account can be opened with a minimum of £1 by cash, debit card, electronic payment from another UK bank or building society, or an internal transfer from Skipton Building Society account.
Once an account is opened, you can invest your 2015/16 allowance of £15,240 into the account.
The limited edition account is competitive and offers a strong rate and flexibility for customers to transfer from other providers. Customers will also receive a passbook to help keep track of savings and plan their investments better.
Comment:
Skipton has launched a highly competitive product, amid all the changes announced in the Budget, making it tax-efficient for its customers.
The company continues to explore more competitive range of Isa options to enable people to take maximum advantage of tax-free savings. With a competitive interest rate and a minimum opening balance of just £1, the product has lots to offer.
Skipton was the fourth largest provider for Isa transfers last year and with a product as flexible as the limited edition Cash Isa; Skipton could once again be a popular destination for UK savers this year.
The company has established its credibility over years, especially after credit ratings agency Fitch upgraded its short term credit rating in September last year from F3 to F2 and the long term credit rating from BBB- to BBB with a positive outlook. Soon after that, Moody’s upgraded Skipton’s rating, to P-3 short term and Baa3 long term with a stable outlook.
Skipton’s Cash Isa is great for those who have existing Isas from previous tax years and would like to consolidate them.
It’s also for those who like the idea of a variable rate of interest which can move up and down, rather than a fixed rate, which is likely to be low in the current climate.
Key product details:
• Interest rate: 1.60 per cent tax free pa/ AER variable
• Transfers-in from other Isas allowed
• Monthly interest option available
• A minimum opening balance of just £1
• Once opened, provided you have not already subscribed to another cash Isa in the current tax year, you can invest your 2015/2016 tax year allowance of a maximum of £15,240
• Withdrawals are allowed
