One lender has recently urged customers to take out one of the new attractive ISA offerings currently flooding the personal and business bank account marketplace.
Savings and investments director for Nationwide, Robin Bailey, recently offered words of advice on how savers can reap the most benefit from ISA savings packages. Mr Bailey stated that taking advantage of the tax-free nature of ISAs is one way to get one up on the tax collector. He added that in excess of £680 million in taxes is saved annually by savers who use ISAs.
Mr Bailey additionally stated that 66 per cent of all those eligible to take up an ISA do not avail themselves of the opportunity. This is despite how long these specialised savings accounts have been available on the market and how ubiquitous they have come to be.
In related news, the Post Office has recently announced the creation of several new ISA offerings. The financial services provider unveiled the new savings products with an eye towards providing the most attractive interest rates in the wake of the global banking crisis.
The financier will soon make their 2.9 per cent one-year ISA available to consumers. Additionally it will offer a two-year ISA with a 3.2 per cent annual rate. Its three-year offering will boast a 3.6 per cent rate. All of the new products will be available from February 14th.
Post office savings and investments director, Richard Norman, stated that savers looking to take advantage of their cash ISA allowance can benefit from the excellent returns on the three new products.
The announcement comes on the heels of recent industry research revealing that UK high income earners are poised to begin re-investing in savings products in the coming year.