Principality BS comes to savers’ rescue with new 2.8 per cent ISA

Savers suffering from malaise brought on by the current high inflaiton rate eroding their hard-earned cash are sure to welcome the arrival of Principality Building Society’s newly launched 2.8 per cent ISA.

In an added twist sure to please savers who need the flexibility of accessing their money instantly, the new ISA from Principality tops the best buy tables  of  ISAs that allow customers to withdraw their funds in regards to highest interest rate offered.

The only catch?  The rate carries a 1 per cent bonus for its first year, so customers may be faced with the necessity of an account transfer after the first 12 months of the ISA in order to find a more competitive rate.

The new offering from Principality comes as good news in an era of rampant rate-cutting by many personal and business bank accounts in the UK.

High Street has seen many banks cut their rates on a variety of their financial offerings, which makes it a priority for savers to comparison shop to ensure they have the best possible deal.

Principality’s new 2.8 per cent ISA is indeed one of those deals, at least for the next 12 months, and it’s especially attractive for savers who are trying to minimise the effect of the current tax rates on their incomes.  As long as savers don’t mind the hassle of transferring their cash out of the Principality ISA at the end of the bonus year when a better rate hits the best buy tables.

The range of difference between ISA rates is quite considerable.  Some savers have had to suffer at the hands of a poor ISA that pays nearly no interest, especially when a bonus rate expires and leaves them with considerably less ISA income than they had previously.

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