Santander launches new cash ISA

Santander launches new cash ISA
Date of Publication: Wednesday, 31 March 2010 00:00

A new cash ISA from Santander will aim to offer "a highly competitive rate" to savers.

Santander has unveiled details of a new individual savings account (ISA) due to be launched next week.

The Flexible ISA 2 can be opened from a minimum balance of £1 and guarantees to pay out at least 2.7 above the Bank of England base rate for the first 12 months.

Available to both new and existing Santander customers, the savings account will be launched on April 6th.

With interest rates currently at an all-time low of 0.5 per cent, the cash ISA currently has a return of 3.2 per cent, a figure Santander claims to be a market-leading rate.

The savings account is a continuation of the firm's Flexible ISA product which is now only available to those who have secured a branch appointment with the bank during the current tax year.

"We're pleased to continue offering a highly competitive rate for the new tax year, which currently remains market leading for savers looking for a flexible, easy-access cash ISA," Reza Attar-Zadeh, director of savings and investments for Santander, comments.

Virgin Money recently claimed the tax-free savings increase allowances outlined in last week's Budget will give consumers further incentive to place money into ISA accounts.

By Ashley KingADNFCR-2079-ID-19699920-ADNFCR
Wednesday, 31 March 2010 00:00
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  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
  • Fast and easy setup - open an account, complete identity checks and move your money in minutes
  • Accessible - open an account with just £1,000
  • Flexible - add to your savings whenever you like
  • Unlimited withdrawals - access your money whenever you need it, without restriction or loss of interest
  • Easy to manage - do it online, by phone or by post
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme