Manchester BS has launched a new regular savings account that could be just the ticket for savers looking to put funds away each month.
The Regular Saver ISA has been launched and will commence in the new tax year 2011/2012.
It is an instant access regular savings cash ISA paying 4.00% yearly, with a minimum monthly payment of £100 and a maximum monthly payment of £445.
A loss of a 3.50% bonus will be incurred if 11 payments are not made, more than one withdrawal is made or the account is closed during the tax year.
A loss of a 3.50% bonus will also be applied if more than one payment is made in any month. Transfers in are not accepted, while transfers out are subject to a loss of a 3.50% bonus.
The launch of this Regular Saver Cash ISA enters a very limited market. It may appeal to new ISA investors for the 2011/12 tax year who do not have a lump sum to invest and are looking to make regular monthly payments to build up their ISA balance.
At 4.00%, it is not only a market-leading variable rate but also a top rate for a regular savings ISA providing the terms and conditions are met.
Four out of five Moneyfacts star have been awarded.
Looking for a cash isa - Compare cash isa rates and best isa rates for transfers Request a FREE ISA Savings brochure now
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.