The move follows a number of recent product launches by banks and building societies designed to ensnare new customers before the new tax year begins on 6 April, such as the Yorkshire Building Society Triple Access Saver ISA.

Skipton’s new cash ISA pays 1.5 per cent, matching other high easy-access rates available at present. Interest is payable either monthly or yearly.

However, consumers attracted by the apparently competitive rate should note that the annual 1.5 per cent rate is for the first year only. After the upfront ‘12 month bonus’, the rate reverts to 1%. Also, transfers from previous years’ ISAs are not accepted.