The FINANCIAL — Barclays is launching two new savings accounts including a best buy cash ISA paying 3.55 per cent gross/3.61 per cent AER interest to help customers make the most of their tax-free savings allowance.
The Golden ISA is available to new and existing customers and can be opened with a minimum £1 and a maximum of £3,600. To qualify for the 2008/2009 tax year the account must be opened by Sunday April 5, 2009 for or from Monday April 6, 2009 for the 2009/2010 tax year. The 3.55 per cent gross/3.61 per cent AER includes a one per cent gross bonus for 12 months.
Andy Gray, Barclays Head of Mortgages and Savings said: “Our Golden ISA is simple and transparent with no additional purchase conditions. It allows you to invest between £1 and £3,600 in each tax year, offering the best rate on the market for any similar cash ISA. It pays a massive 3.05 per cent more than the latest Bank of England base rate and makes this a great deal for savers. Once open, customers have complete flexibility with this best buy ISA with unrestricted access to the funds should they need them and they still get their interest tax free.
We would encourage customers who have not already subscribed to an ISA in the current tax year to apply as soon as possible so they do not miss out on their annual ISA allowance.”
Golden ISA is available for consumers who have not already paid into a cash ISA in this year. Please note transfers in cannot be made from an existing ISA.
New and existing customers can open their Golden ISA instantly through a branch. In addition Barclays current account customers using online banking can apply online www.barclays.co.uk/isa or by telephone banking 0800 49 49 49. Online and telephone applications can be made from 7am until 11pm seven days a week, whilst many branches will be opening for extra hours over the weekend of Saturday April 4 and Sunday April 5 to coincide with the end of the tax year.
At the same time Barclays will be simplifying its saving range by replacing a couple of savings products with MoreForMore Savings, which provides instant access and has no restrictions or interest penalties. The new account offers a cash card and allows savers to open multiple accounts to help them manage their money for specific purposes. The cash in the accounts is linked together and the interest rate the customers earns is on the total combined balances, paying up to 1.24 per cent gross/1.25 per cent AER.
Barclays Monthly Savings remains available and continues to pay 5.84 per cent gross/6.00 per cent AER – one of the highest savings rates currently available.