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ISA Season Hots up With a Number of New Launches


News provided by

moneysupermarket.com

14 Mar, 2012, 10:51 GMT

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CHESTER, England, March 14, 2012 /PRNewswire/ --

  • Rate is still king as 67 per cent* look for highest paying ISA
  • Less than a month to go to make the most of this year's ISA allowance

With the end of 2011/12 tax year less than a month away, savers are urged to make use of this year's ISA allowance, and check their current ISA rate, as a flurry of new launches means they may be able to get a better rate, according to MoneySupermarket.com.

A number of new cash ISA products have recently been launched, including Cheshire Building Society offering a two-year fixed rate ISA at 4.0 per cent with a minimum investment of £1,000, and The AA launched an easy access cash ISA at 3.50 per cent, which includes a bonus rate of 3.00 per cent; however these do not accept transfers in of existing ISA funds. Santander, Barclays and Halifax have also launched new products ahead of the 5th April tax deadline. Year-on -year ISA rates** are continuing to rise which means those with older ISAs may be sat on lower rates than the current top 10 average of 3.13 per cent.

A recent site poll run by Britain's number one comparison site found two thirds of consumers look for the highest rate of interest offered when choosing a cash ISA. A further twelve per cent are more concerned whether an ISA accepts transfer in. Only two per cent would choose an ISA from their own bank/building society.  

Kevin Mountford, head of banking at MoneySupermarket, said: "We are really starting to see the ISA market hot up with a number of providers announcing new products in the last few weeks. With less than a month to go until the end of this year's tax year, savers should be ensuring they are using their maximum cash ISA allowance of £5,340 where possible to take advantage of the valuable tax free benefits offered. Our research shows, basic rate taxpayers would be £3,800 richer if they had used their full cash ISA allowance each year since they were launched in 12 years ago rather than putting the same amount in an easy access savings account. This rises to £7,300 for higher rate taxpayers. Anyone with a savings pot paying income tax and not using an ISA is throwing money to the tax man.

"Although it is tempting to be attracted to headline rates, it is also clear savers need to look at the finer detail of the product such as whether it offers an introductory bonus or accepts transfers in. As a first step, those with older ISA funds need to be aware of the current rate they are on and switch to a better deal if necessary. It is now very easy to transfer an ISA with many providers paying interest immediately, even before the funds have arrived in the account. However, make sure you follow the ISA switching rules otherwise your savings could lose their tax free status. "

Anyone looking for the latest ISA deals should visit http://www.moneysupermarket.com/investments/isas/

Notes to Editors:

*Webpoll results: What's the most important feature you look for when choosing a cash ISA?

  • Highest rate of interest (67.1%)
  • An account that accepts transfers in (11.9%)
  • A rate without an introductory bonus (4.2%)
  • An account that allows withdrawals (7.2%)
  • An account from my bank/building society (1.5%)
  • None of the above, I invest only in stocks and shares ISAs (3%)
  • None of the above, I don't have an ISA (3.9%)
  • I don't know (1.1%)

Total Votes: 2,739

Voting Ended: 10/03/2012

**Table to show ISA comparisons 2010-2012

Easy Access Cash ISAs

    Top ISA 2010
                                                                 AER
        Provider                  Product                   (March 2010)
                                                                3.20%
                                                        (Includes a bonus of
    Santander              Flexi Cash ISA Issue 2       2.70% for 12 months)
                                                                3.10%
                                                        (Includes a bonus of
    Barclays                     Golden ISA             1.00% for 12 months)
                                                                2.75%
                                                        (Includes a bonus of
    Nationwide BS                  e-ISA               1.00% until 30/06/2011)
 
    Top ISA 2011
                                                                 AER
        Provider                  Product                   (March 2011)
                                                                3.30%
                                                        (Includes 2.8% bonus
    Santander               Flexible ISA Issue 3           for 12 months)
                                                                3.25%
                                                        (Includes 2.8% bonus
    Barclays                     Golden ISA                for 12 months)
                                                                3.20%
                                                        (Includes 2.70% bonus
    Halifax                Cash ISA Direct Reward          for 12 months)
 
    Top ISA 2012
        Provider                  Product                        AER
                                                                3.50%
                                                        (Includes 3.00% bonus
    The AA            AA Internet Access ISA (Issue 3)     for 12 months)
                                                                3.35%
                                                        (Includes 2.35% bonus
    Cheshire BS          Direct Cash ISA (Issue 1)        until 30/09/2013)
                                                                3.30%
                                                        (Includes 2.80% bonus
    Santander                Direct ISA Issue 9            for 12 months)

Sourced by MoneySupermarket.com 12th March 2012

MoneySupermarket.com's customer commitment

  • No other site compares more prices or products
  • We are independent so only find the best deals for you   
  • The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so   
  • Your details are safe with us and we won't sell them to anybody

MoneySupermarket.com compares (at 28th February 2012)

  • 97 car insurance providers and 80 home insurance providers
  • 11 broadband providers and 18 energy providers   
  • 35 unsecured loan and 5 secured loan providers
  • 63 mortgage lenders and 29 credit card providers
  • 67 savings providers and 37 current account providers.
  • Over 1,300,000 mobile phone deals

We promise to be clear and impartial

  • All the products in our full search results tables are displayed in a completely unbiased manner.
  • We don't add fees or commissions on to the prices we compare.
  • There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.

We promise to be trustworthy

  • We never use your data to make unwanted sales calls or send you spam.
  • We never pass your personal information to third parties unless you give us permission to do so.
  • Even if you choose to receive additional information from us, you can opt out at any time. 
  • We promise to be supportive.
  • You can use our community forum to get information and help from other customers.

If you need further help or support, you can contact our sales advisors or customer services agents.

For further information please contact:

Paul Lawler
PR Manager Financial Services
+44(0)1244-370371
+44(0)787-237-9545
paul.lawler@moneysupermarket.com

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