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Product Focus: ISAs

Product Focus: ISAs

Category: Savings

Updated: 17/12/2009
First Published: 07/12/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Back in October this year the cash ISA allowance increased for savers aged 50 years and over from £3,600 to £5,100.

From the beginning of the 2010/11 tax year, the increased allowance will be available for everyone. There are still a host of cash ISAs for savers looking to invest before the next tax year.

Here are the market's current top three.

Abbey – Super Direct ISA

Abbey's Super Direct ISA pays a rate of 5.50%. The rate includes a variable bonus of 4.00% for 12 months for deposits between £1 and £8,999 and 4.50% for deposits of £9,000 and more. Funds can be accessed immediately. The rate will reverts to the tiered variable rate of Direct ISA Issue 3 depending on the account balance after 12 months. Investment must remain open for 12 months to obtain the preferential rate. The account can be operated by post, telephone and online although it must be opened in branch. Savers must be aged 18 and over and open or have an existing qualifying investment account with at least an equal amount.

Newcastle Building Society – Reward Saver ISA

This account pays a rate of 3.00% including a bonus of 1.00% for 12 months. A minimum investment of £500 is required and transfers are permitted. Savers must give 120 days' notice to access funds. Early access is allowed, although this is subject to 120 days' loss of interest. Savers can choose to spread their cash ISA savings across multiple ISAs within Newcastle Building Society's range. Savers must be aged 18 and over. The account can be operated in branch, by post or online.

Chesham Building Society – Cash ISA 120 3rd Issue

This recently launched account pays a rate of 3.00% including a bonus of 0.75% until 31st December 2010. A minimum investment of £500 is required and transfers are permitted. Advance notice of 120 days' must be given to access funds, although early access is allowed subject to 120 days' loss of interest. Savers must be aged 16 and over. The account can be operated in branch or by post.

Find the best savings accounts for you - Compare cash ISAs

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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