Barclays launches fantastic catch free ISA on the market and new simple savings accounts
With less than a month left for consumers to make the most of their current tax-free ISA savings allowance, Barclays introduces a new cash ISA paying 6.50 per cent AER interest. Customers are able to save from as little as £1 and up to £3,000 in each tax year.
Andrew Jones, Barclays Product Director, said: “This is the best no catches cash ISA rate to hit the high street this year. Interest rates have been going up in recent months but until recently the best AER you could get on a cash ISA was below 6 per cent.
“We believe that this ISA at 6.5 per cent offers the best ISA rate to the greatest number of people on the market – it’s available from £1, where many ISAs at this rate require upwards of £500; it’s not linked to the opening of another account like some of the recent “so-called” best rate ISAs and you’re not tied to direct only servicing as it is available through all our branches as well.”
Savers who already have an ISA in the current tax year will still be able to take advantage of new the Tax Beater Cash ISA.
Features for Barclays ‘Tax Beater Cash ISA’:
- Interest rate of 6.50 per cent AER/6.31% tax free (variable)
- Rate includes an introductory bonus of 1 per cent payable for the first 12 months.
- Minimum balance £1, maximum deposit £3,000 per tax year
- Instant access
- Transfers from existing cash ISAs not allowed.
- The account can be opened in branch or applications can be obtained online or by phoning.
At the same time Barclays is launching a further two saving accounts available to all customers through the branch network:
The new ‘instant access’ account is Day to Day Savings which allows instant access on savings of £1 or more. The flat interest rate of 4 per cent AER is the highest rate of the main banks for branch based accounts on the high street. Details are:
- It pays a flat rate of interest of 4 per cent AER on any investment over £1
- Comes with an ATM card
- Instant access with no loss of interest for withdrawals
- Designed to encourage people to put money aside for their day to day savings needs, it’s just one step away from a current account.
- Can be operated via branch and for Barclays current account customers via phone or online
The new ‘serious savings’ account is about longer term savings, and is aimed at those saving for a purpose, wanting a monthly income and needing occasional access to their savings. The account is called ‘Savings Builder’.
- Pays a higher rate from 4.50 per cent AER on £10,000 savings up to 5 per cent AER on £250,000.
- Lower rates apply for each month where withdrawals are made.
All of the new accounts can be operated through Barclays branches or application via telephone or internet banking. The Barclays Tax Beater Cash ISA and other new account details can be found at: www.barclays.co.uk/ by telephoning 0845 300 5854 or by visiting a Barclays branch.
Barclays also offers a full range of investment ISAs either online for customers to choose or with advice via Barclays Financial Planning.
Notes to editors:
1. The new ‘day to day’ and ‘savings builder’ replaces Barclays Easy Saver and Bonus Saver from 16 March 2007.
2. PDFs of terms and conditions on all three accounts available through the press office
3. A TV advertising campaign on the new cash ISA starts 17 March
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