Skipton Building Society has expanded its saving range with a new variable rate ISA, which has shot straight into a prized top-10 position for its highly attractive rate and terms.
Online Bonus Cash ISA 4 pays a variable rate of 1.50% yearly (1.49% monthly), including a 0.50% bonus for 12 months. This allows it to sit comfortably among its competitors in the Moneyfacts charts.
This ISA must be opened and operated online with an initial investment of just £1.
Further additions are welcome but it is not possible to transfer in existing ISAs, which means that this account is only suitable for this tax year's savings. Unlimited withdrawals and transfers out can be made without penalty.
This ISA is likely to prove popular among savers keen to make a decent return on their savings. The small size of the initial investment, along with the ability to make further additions and unlimited withdrawals, is likely to appeal to those savers with a smaller savings pot. However, as the headline rate includes a 12-month bonus, savers must remember to reassess the account's competitiveness in a year's time.
Moneyfacts rating: Excellent
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