Bank of Scotland launches new and improved ISA products

Bank of Scotland has this week launched two new and improved ISA products. An 18-month Access Cash ISA paying 2.75% and a one year Fixed Cash ISA paying 3.15%. Both products are available online, over the phone or in branch.

Fixed Rate ISA

Cash ISA
Fixed Interest rate of: 3.15% Tax free / AER
Fixed for 12 months from account opening
Minimum opening balance of £500 but interest is paid from £1
Interest paid on anniversary of account opening
Maximum investment up to current annual ISA subscription limits
Transfers in allowed; transfer must be received within 60 days of account opening.
Initial deposit must be made within 10 days and transfers completed within 60 days. Outside of this no further deposits allowed.
Withdrawals not allowed, early closure permitted but subject to charge equivalent to 90 days interest.
Available in branch, online or by the telephone.

Access Cash ISA

Instant access cash ISA, with no charge for withdrawals
Rate of  2.75% tax free / AER variable
Interest rate includes an 18 month fixed bonus of 2.25%.  After 18 months, the variable rate without bonus will apply
Minimum opening balance of £1
Pay money in as often as customer likes, subject to annual limits.
Transfers in are allowed
Interest is paid annually on 31st March
Available in branch, online or by the telephone.

Greg Coughlan, Head of Savings at Bank of Scotland said: "The new and improved Access Cash ISA and the Fixed Rate ISA provides savers with a range of competitive and flexible ISA products that should suit their tax free saving needs."