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Product launches of the week: ‘NISA’ special

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Written by:
27/06/2014
A host of ISA providers outline the terms of their improved products ahead of the increase in the tax-free allowance on 1 July.

ISAs

Aldermore is increasing the rates on its fixed rate cash ISAs ahead of the new ISA changes. From 27 June rates on Aldermore’s one year fixed rate cash ISA will be 1.65 per cent. Two and three year ISAs will pay 2 per cent and 2.25 per cent respectively.

Leeds Building Society is relaunching its cash ISA range. One, two, three and five year fixed rate ISAs will pay 1.5 per cent, 2 per cent, 2.20 per cent and 2.85 per cent. The ISA Builder offers a return of 2 per cent and matures on 5 April 2015. It can be opened with an initial deposit of £100.

Strawberry will offer £50 to customers opening a new ISA – or ‘NISA’ – between 1 July and 14 July with a minimum of £1,000. Savers depositing smaller amounts monthly will also be eligible, receiving the payment once their account passes the £1,000 mark.

Virgin Money’s Easy Access ISA will pay a bonus-free variable rate of 1.5 per cent and can be opened with as little as £1. Its one year fixed-rate ISA will pay 1.76 per cent and a five year product will pay a fixed rate of three per cent.

Loans

Ocean Finance has launched a personal loan service, offering unsecured loans between £1,000 and £15,000 for any purpose, with a rate of 24.9 per cent APR. These loans are designed to be available to people with a variety of circumstances and credit histories.

Credit Cards

Tesco Bank has introduced the Tesco Bank Clubcard Credit Card, which offers zero per cent interest on purchases for 19 months and interest-free balance transfers – with a fee of 2.9 per cent – for three months.

Mobile

Tesco Mobile customers who upgrade to a Samsung S5, HTC M8 or Sony Z2 on a pay monthly contract will receive three months of free music through the blinkbox music app. Customers can stream music over Tesco Mobile’s 4G network at no extra cost or listen offline by saving their favourite stations to their mobile phones.

Apps

The True Potential Investor app has been updated to reflect the new savings environment, adding a ‘Max my ISA’ feature which allows you to invest the remainder of your allowance with the tap of a button. A transaction history for all incoming investments and outgoing funds is now available along with other new features.

first direct has released a Windows 8 version of its banking app, following on from the BlackBerry 10 version and joining the iOS and Android version.

Mortgages

Skipton Building Society has reduced mortgage rates on all 2, 3 and 5 year residential fixed rate mortgages up to 80% loan to value (LTV) and introducing new 2, 3 and 5 year products to 60% LTV.

Insurance

Ageas has enhanced its household product rage, tweaking the policies in response to consumer feedback. Several limits have been increased and jewellery valuation requirements have changed from every two years to every five years.

American Express is offering a 20 per cent online discount on its full range of travel insurance products, including backpacker travel insurance.

Investments

Retail Charity Bonds PLC has launched the Golden Lane Housing Retail Charity Bond. Paying 4.375 per cent. The funds raised will be loaned to Golden Housing Limited, a subsidiary of the learning disability charity The Royal Mencap Society. The bond is expected to mature in 2021.

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