Post Office Isa tops tables
Post Office Isa tops tables
The Post Office has launched a new cash Isa paying a table-topping rate of 6.25%. The Isa, which can be opened with as little as £1, includes a 1.5% bonus on all deposits made in 2008-9, for 12 months from the date of the first deposit. Funds can also be transferred in from any existing Isa.
The Post Office says it guarantees that the rate will never be more than 1% below base rate. No notice period is required for withdrawals, and there are no withdrawal charges.
Post Office director of savings Richard Norman says: "Our new cash Isa offers customers the opportunity to save in a tax efficient way while getting a very competitive rate of return. There are an estimated 12m cash Isas in the UK and with many people reluctant to invest their money into equities at the moment there is a bigger demand for cash savings products, including cash Isas."
Application forms can be requested by phone (0800 169 7500) or printed off at postoffice.co.uk/savings.
Meanwhile, Alliance & Leicester is increasing the interest rate on its popular eSaver account to 6.56% for savers who open a new account. The account includes a bonus of 0.94% AER, payable until December 7 next year. The new deal is an increase from 6.50% AER, which eSaver has paid since it was launched in November 2007.
guardian.co.uk © Guardian Newspapers Limited 2008
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