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Bank Accounts Latest News Bank of Scotland launches ISA Promise
Bank Accounts Latest News Bank of Scotland launches ISA Promise Bank of Scotland launches ISA Promise
One lender has published new guidelines for its cash ISAs.
Consumers looking to compare savings on cash ISAs in the near future might be pleased to hear that one lender has announced the introduction of a new set of rules intended to give its customers a fairer deal.Under the terms of the guidelines issued by the Bank of Scotland, anyone with such an ISA product can now switch their account to the financier and benefit from interest being paid on it from the first day they have completed the transfer application.
The bank has called the terms its ISA Promise and the pledge also includes a commitment to improve levels of communication with customers during the switching process.
Flavia Palacios Umana, head of the lender's savings products, commented: "Cash ISAs are one of the best ways to build up a savings nest-egg … It is important to have savings you can fall back on in times of need."
Meanwhile, Santander announced yesterday (January 5th 2011) that it has launched a new range of savings products.
By Kate Guthrie
Thursday, 06 January 2011 00:00
Top 5 ISAs
|
Provider |
Notice |
Min Deposit |
Max Deposit |
Apply |
|
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
|||||
|
3.75%
|
Fixed term for 2 Years
|
£100
|
£50,000
|
||
 |
|||||
|
3.70%
|
Fixed term for 2 years
|
£10,000
|
£150,000
|
||
|
|
|||||
|
3.40%
|
Fixed term for 2 years
|
£3,000
|
£10,000
|
||
 |
|||||
|
3.30%
|
Fixed term for 3 years
|
£1
|
£5,640
|
||
 |
|||||
|
3.20%
|
Fixed term until 31/05/2013
|
£100
|
£5,340
|
||
Progressive BS 2 Year Fixed Rate ISA
- Account gives you a great rate of 3.75% AER
- You can open an account with just £100.
- The maximum balance is £50,000.
- Early access on full closure only and subject to an Early Closure Charge equivalent to 270 days interest at 3.1% plus a £15 (ex VAT) admin charge
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
Lloyds TSB 2 Year Fixed Rate Cash ISA
- Fixed interest rates. Earn 3.40% AER/Tax Free* on balances of £3,000 or more fixed for 24 months from account opening. View Fixed Rate Cash ISA interest rates.
- You have instant access to your money but a withdrawal charge will apply on any amount you take out.
- Interest rate fixed for 24 months from account opening.
- Interest calculated on a daily basis and paid on anniversary of account opening and upon account maturity.
- You can transfer your existing ISA into us, with our ISA transfer form. We may keep you informed of progress of your transfer by SMS text.
- Continued growth - at the end of the 24 month fixed rate period, your account pays interest at our standard variable Cash ISA Saver (excluding bonus rate).
- Manage your account through Internet Banking, PhoneBank® or branch.
- Save up to £5,100 each tax year. The 2011/2012 tax year commencing on 6th April 2011 will allow you to save up to £5340 in that tax year.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Lloyds TSB 2 Year Fixed Rate Cash ISA
- Fixed interest rates. Earn 3.70% AER/Tax Free* on balances of £10,000 or more fixed for 24 months from account opening. View Fixed Rate Cash ISA interest rates.
- You have instant access to your money but a withdrawal charge will apply on any amount you take out.
- Interest rate fixed for 24 months from account opening.
- Interest calculated on a daily basis and paid on anniversary of account opening and upon account maturity.
- You can transfer your existing ISA into us, with our ISA transfer form. We may keep you informed of progress of your transfer by SMS text.
- Continued growth - at the end of the 24 month fixed rate period, your account pays interest at our standard variable Cash ISA Saver (excluding bonus rate).
- Manage your account through Internet Banking, PhoneBank® or branch.
- Save up to £5,640 each tax year. The 2011/2012 tax year commencing on 6th April 2011 will allow you to save up to £5640 in that tax year.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Chelsea BS Fixed Rate ISA
- Guaranteed fixed rate of interest for the duration of the Fixed Rate e-ISA
- Minimum investment of £100
- ISA transfers in*** from other providers and deposits up to your 2011/2012 ISA limit, can be made whilst the product remains on sale. Transfer charges may apply, please check with your existing provider
- Interest paid annually
- Withdrawals are not permitted during the term
- Early closure or transfer out to another ISA provider is permitted subject to 90 days loss of interest on the closing balance. Early closure would mean loss of tax free status other than transfers to another ISA provider.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Virgin 1 Year Fixed Rate e-ISA
- Great rate of 2.90% tax-free p.a./AER
- Guaranteed fixed rate of interest for the duration of the term
- Start saving from £1
- Minimum age 16
- Online application process to help make opening your Fixed Rate e-ISA easy
- Withdrawals are permitted during the term with a charge of 60 days loss of interest
- Transfers are allowed simply complete a Transfer Authority Form
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Virgin 3 Year Fixed Rate e-ISA
- Great rate of 3.30% tax-free p.a./AER
- Guaranteed fixed rate of interest for the duration of the term
- Start saving from £1
- Minimum age 16
- Online application process to help make opening your Fixed Rate e-ISA easy
- Withdrawals are permitted during the term with a charge of 120 days loss of interest
- Transfers are allowed simply complete a Transfer Authority Form
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
