(PRWeb UK) February 9, 2011
Time is ticking away for savers yet to take advantage of their cash ISA allowance for the current tax year. Until 5 April, savers can deposit up to £5,100 tax-free in a cash ISA account and for the 2011-2012 tax year the allowance is increasing to £5,340.
The West Bromwich Building Society, a leading provider of financial services in the West Midlands and the sixth largest mutual in the UK, has just launched a cash ISA which combines a ‘best buy’ interest rate with the convenience of being managed completely online.
The WeBSave ISA pays 2.88% AER (2.87% tax-free p.a.) on balances of £1,000 or more, which includes an unconditional bonus of 1.12% up to 29 February 2012.
It is available to new and existing West Brom customers and is not linked to the purchase of any other of the Society’s products in order to access its high rate. Transfers in from previous years’ ISAs are accepted.
Stephen Leonard, the West Bromwich Building Society’s Divisional Director for Marketing and E-Commerce, said: “Cash ISAs continue to be popular savings products because of their tax-free status.
“With interest paid tax-free up to the allowance limit, it’s clearly important to secure a competitive rate from your provider
“We are bringing the WeBSave ISA account to the market now so that savers yet to use this year’s cash ISA allowance still have time to put aside up to £5,100 without paying tax.
“They will also benefit from an extremely competitive rate of interest and be in a healthy position to make the most of their savings for the coming tax year.”
The WeBSave ISA is available from today (9 February 2011). All applications are made via the building society’s WeBSave website, as is all account management.
- Offers a rate of 2.88% AER (2.87% tax-free p.a. up to the usual ISA limits) on balances over £1,000, which includes a 1.12% unconditional bonus up to 29 February 2012
- Minimum opening balance of £1,000. Additional investments can be made at any time subject to ISA rules
- Easy access – without notice for up to three withdrawals each account year. Withdrawals beyond the permitted account limit will incur a charge equal to 60 days loss of interest on the amount withdrawn (to 5 April)
- Available to new and existing West Brom customers. The WeBSave ISA is not linked to the purchase of any other West Brom product in order to access its high rate