You are here: Home - Saving & Banking - News -

ISA season kicks off early

0
Written by:
15/01/2008

Price comparison site moneysupermarket.com says ISA providers are bringing their headline-grabbing cash ISA offerings out earlier than in previous years.

It believes this desire to secure more deposits is due to last year’s Northern Rock debacle, which highlighted the need for providers to have substantial deposits.

Kevin Mountford, head of savings at moneysupermarket.com, said: “This week, we saw Icesave’s Mini Cash ISA enter the market paying 6.1% AER, following hot on the heels of Scarborough Building Society’s new Direct Notice ISA, which tops the table at 6.3%.

“The top-paying cash ISA of a year ago wouldn’t even make today’s top 10, showing how keen banks are to lock in your cash as early as possible. By starting the rush now rather than closer to April, it will alleviate some of the pressure providers usually face when they have to process so many accounts in such a limited period.”

Moneysupermarket.com warns that savers shouldn’t be blinded solely by the figures and that they need to look at the notice period and whether they allow transfers in.

Mountford added: “If you’ve been using your ISA allowance diligently for a number of years, you’re likely to have a tidy sum stashed away that you could transfer into a new, higher-paying account. About half of the top ISAs on the market don’t allow you to transfer previous lump sums in, so savers need to read the small print.”

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Lenders’ rate hikes outpacing Bank Base Rate

Lenders are increasing the cost of borrowing money by amounts that far outstrip the Bank of England’s Base Rate rises,...

Close