Not everyone has a lump sum to invest upfront, but with a regular saver account customers can build up gradually to their full allowance while still enjoying a competitive rate of interest.
(PRWEB UK) 11 April 2012
The West Brom is making it a happy new tax year for savers with a choice of tax free investment options.
For the building society’s branch customers, an innovative Fixed Rate Regular Saver ISA is now available which has been specifically designed to help people maximise their annual tax free cash ISA allowance.
Paying 3.25% tax free gross p.a./AER over a one year term, the account accepts regular monthly payments of between £10 and £470.
The maximum £470 in-payment received once a month for a year will build up a total deposit of £5,640, the new annual limit for a cash ISA for the 2012/13 tax year.
Two monthly payments can be missed without affecting the rate of interest earned. Withdrawal of funds is permitted, but will result in the closure of the account.
Research into savings habits conducted by the West Brom shows why such an account has a particular customer need.
The Society quizzed 3,000 people and found just under half (49%) didn’t have an ISA. Of those who did, only 26% expected to use all of their tax free allowance during the year.
Stephen Leonard, the West Brom’s Divisional Director for Marketing and E-Commerce, said: “With annual ISA limits increasing in line with inflation, this year is the best opportunity yet to shield some of your savings from the taxman.
“Not everyone has a lump sum to invest upfront, but with a regular saver account customers can build up gradually to their full allowance while still enjoying a competitive rate of interest.”
Also available from the West Brom is a 90 Day Notice ISA, again via its branch network.
Different rates of interest are paid according to the account balance, with 2.50% tax free gross p.a./AER variable on offer for the highest tier of £15,000 and above. The minimum opening balance is £1,000 and transfers in from previous years’ ISAs are accepted.
Access to funds is permitted with 90 days’ notice and interest can be credited to the account or paid away.
For savers who prefer to manage their money online, the West Brom has released a new issue of its popular WeBSave ISA account.
The WeBSave ISA 5 cash ISA pays 2.85% tax free gross p.a./AER variable on balances of £1,000 and over up to the £5,640 annual limit. This rate includes an unconditional bonus of 0.85% up to 30 April 2013.
The WeBSave ISA 5 account is available to new and existing customers via the Society’s website, westbrom.co.uk.