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