One personal and business bank account provider in the UK has recently announced the launch of its new tracker ISA savings product.
Leeds Building Society recently made an announcement regarding a new ISA that tracks the Bank of England base rate. The savings product comes guaranteed to pay an interest rate of two per cent in addition to the BoE base rate for the next two years.
As the current base rate is 0.5 per cent, the ISA currently pays 2.5 per cent. However industry experts have been speculating that the BoE’s Monetary Policy Committee will raise the base rate shortly. This could lead the new tracker ISA to perform even better than it does currently.
Leeds Building Society sales and marketing director Kim Rebecchi, stated that savers may open the ISA with a minimum £1 deposit.
In related news, Scottish Widows recently made the suggestion that the current market could stand to have additional competition. The firm’s new corporate ISA savers were designed to such an end.
Corporate pension market director John Taylor stated that Scottish Widows’ new product grew out of the desire of some companies to have more options for saving in the workplace.
The arrangement was recently unveiled through Scottish Widows as a way to complement existing ISA offerings. The firm stated it was released as a way to give clients more choice and flexibility with their savings strategies.
The ISAs will be comprised of two distinct parts. The first is to be referred to as the Self-Select Funds ISA while the second will be known as the Self-Select Stocks & Shares ISA.
Meanwhile Scottish Widows recently stated that the 25-year long advertising campaign featuring its signature black cloak will become a new display at Scotland’s National Museum.