For those consumers looking to take out a savings product such as an ISA sometime in the near future should be interested to hear of a new offer from financial services provider Halifax.
The new offering, which the business bank account provider calls the Cash Promise ISA, will be available for Halifax customers who are already have an ISA from the bank, in addition to new customers. Available now, the bank is offering the facility in order to bring more fairness to any consumer who wishes to transfer products.
Fund switching delays routinely cost savings account customers approximately £24 million due to lost opportunities to accrue interest, says the building society; the average delay, according to data released by the Office of Fair Trading, is approximately 26 days.
The new pledge offered by Halifax specifies that there will be bonuses for any consumers that switch to the building society, one of wich will be privy to advance notice in regards to any alterations the banking provider may make to its fixed rates in the future.
In other news, Lloyds TSB recently announced the findings of a research study regarding savings offerings, declaring that over the last ten years, in excess of £800 billion in deposits have been made to such products as ISAs and fixed-rate bonds.
Halifax began its new Cash Promise ISA on the 2nd of this month and has agreed to pay interest on a transferring customer starting from the date of its application rather than the date that the transfer is finalised, a move that has been met with much positive feedback from industry experts, which have also stated their hopes that the remainder of the finance markets will take their cues from the building society in offering similar packages, which is the first of its kind anywhere.