One execution-only stock broker is offering a deal on their latest cash ISA savings product, providing a free Amazon Kindle eReader to those taking out the new deal.
Savers that deposit a minimum of £5,000 before the end of January into Selftrade’s 2.62 per cent interest rate saver will be given a free Kindle, valued at £89. In addition to the free eReader, savers can make withdrawals with no limits or penalties, have the ability to transfer in an existing ISA savings pot, and of course benefit from 12 months of tax free savings.
The new Selftrade offering does not have the best interest rate on the market, as both AA Savings and Nationwide beat it soundly with a 3.05 per cent and 3.1 per cent interest rates respectively. However, the fre Kindle is exclusive to Selftrade, and the Nationwide deal is only available to savers who have a balance of £25,000 or more in their accounts or risk losing 0.35 percentage points from their rate.
Factoring in the Kindle’s £89 value, a £5,000 deposit in the Selftrade account will net a 12 month return of £221.58, while the AA Savings offering will only see savers receiving £154.65 over the same period of time on an identical deposit. However, savers need to keep in mind that 1.71 percentage points of the Selftrade offering is a 12 month bonus rate, which means that they will need to transfer their cash to a more competitive savings product by this time next year.
Business bank account and industry experts say that it is hard to categorise the Selftrade deal as a best buy unless you’re truly considering getting a Kindle eReader. With approximately 1.22 million sales in the run-up to the festive season, the Kindle has been increasingly popular, so if you’re planning to purchase one anyway, then the Selftrade deal may very well be worthwhile.