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New building society offers ‘market tracker’ NISA

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The Family Building Society has launched a ‘market tracker’ cash ISA, with a variable interest rate.

The rate is calculated according to the average interest rate offered by 106 banks and building societies on ‘easy-access’ cash ISAs, and ‘updates’ every quarter. The society believe the feature will mean savers have no need to shop around for more competitive deals and rates with other providers every year. Any amount between £500 and £100,000 can be deposited, and old ISA funds can be transferred by savers; interest is paid annually. Currently, the ISA offers a rate of 1.32 per cent.

The Family Building Society is a subsidiary of the National Counties Building Society. Launched last year, it was the first new building society to launch in over three decades; a non-physical entity, savers attracted by the ISA offering must register via the web.

“Savers can spend considerable time seeking out a competitive rate…our product puts an end to this scramble while at the same allowing them easy access without penalty,” said Keith Barber, director of business development at Family Building Society.

“Each quarterly review may lead to the rate increasing, reducing or staying the same, but every time the savers can rest assured that the rate will remain competitive.”

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