(PRWEB) March 04, 2012
Barclays today launches its new ISA range which includes a competitive Loyalty Reward ISA paying 3.05 per cent AER/ 3.01 per cent tax free per annum (variable), enabling customers to make the most of their tax-free savings allowance. To support the ISA launch, Barclays is also increasing the rates on its popular 18 Month Flexible Bond.
The Loyalty Reward ISA is exclusively available to Barclays customers and can be opened instantly, with a minimum of £1. It includes a fixed rate introductory bonus of 1.00 per cent tax free per annum for 12 months, not only giving customers a great rate for the first year but also a competitive rate after the expiry of the introductory bonus in 12 months’ time. It also comes with the added guarantee to track any changes in base rate until 31 March 2014. Transfers cannot be made from an existing ISA into this account.
The new cash ISA provides existing customers with a simple and transparent account with no complicated purchase conditions or charges for withdrawals. Customers will have instant access to their money and the flexibility to invest either the full cash ISA allowance instantly or contribute over the course of the tax year. For the 2012/2013 tax year the ISA allowance will increase to £11,280, of which £5,640 can be saved in a cash ISA. This is compared to £10,680 of which £5,340 can be saved in a cash ISA for the 2011/2012 tax year.
Lee Chiswell, Head of Savings at Barclays said “This ISA season is about rewarding Barclays customers, by giving them a competitive rate, limiting the introductory bonus to one per cent so they still earn a good rate beyond the first year and with the added guarantee of tracking base rate for two years. We believe this will really help savers maximise their tax-free returns now and over the longer term. We are reinforcing our commitment to savers, focusing on long term value, which we have consistently highlighted through our Golden ISA range in recent years.
“We also urge consumers who have not already subscribed to an ISA this year to act now, but also remind them to check the introductory bonus and the rate it reverts to before signing up. They also need to be aware of the allowance increases from 6 April 2012 to ensure they maximise their money when times are tough.”
Alongside Loyalty Reward ISA, Barclays is launching ISA Saver Issue 2. This cash ISA is available to all savers, paying 2.75 per cent AER / 2.72 per cent gross per annum (variable), and includes a fixed rate introductory bonus of 1.00 per cent tax free per annum for 12 months.
Barclays has also increased the rates on its 18 month Flexible Bond to give customers a range of savings options in the ongoing low base rate environment. Launched today, the new 18 Month Flexible Bond – Issue 10 will pay a fixed rate of 3.00 per cent AER on balances over £50,000 – the maximum investment is £1,000,000. The bond will pay 2.50 per cent AER on balances below £50,000 – the minimum investment is just £1. The bond allows three withdrawals of up to 10 per cent (maximum 30 per cent) of the initial deposit without notice or charges.
Customers can open all of these savings accounts through Barclays branches. In addition, existing Barclays customers using online and telephone banking can apply for Loyalty Reward ISA and the 18 Month Flexible Bond Issue 10 online at http://www.barclays.co.uk/savings or telephone 0800 068 2236.
Notes to Editors:
Barclays Loyalty Reward ISA phone lines open 7 days a week. The online facility will also be available 24/7. These options are available for existing Barclays customers only.
To qualify for the 2011/2012 tax year the account must be opened by Thursday April 5, 2012 or from Friday April 6, 2012 for the 2012/2013 tax year.
Loyalty Reward ISA
Flexible Bond 18 Month - Issue 10
For several years Barclays has been providing the interest rate on all customer statements and the website to help customers make an informed choice as to where they wish to save their money. Since November 2009 Barclays has been notifying savings customers of any unfavourable changes to their terms and conditions, including all downward rate changes regardless of account balance or the size of the change. This notification is by personal letter giving two months advance notice of the change. At the same time details of such changes are provided in branch, on the telephone and online.
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information, please visit our website http://www.barclays.com.
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