Barclays launches new cash ISAs allowing Transfers-In
Barclays launches its new cash ISA range allowing Transfers-In, which includes a 3 Year Flexible Cash ISA and Instant Cash ISA both paying up to 2.30 per cent AER/ tax free per annum, available to both new and existing customers to help them make the most of their tax-free savings allowance.
The 3 Year Flexible Cash ISA - Issue 1 gives customers the peace of mind of a fixed rate of interest throughout the term, whilst also giving them the flexibility to make three withdrawals each up to 10 per cent of the current balance to cover those unexpected costs that arise. There are no withdrawal charges and no notice required. It also allows customers to continue to subscribe up to their annual cash allowance right up until 5th April 2014. It will pay 2.10 per cent AER/tax-free for balances between £1 - 14,999; 2.20 per cent AER/tax-free from £15,000 to £29,999 and 2.30 per cent AER/tax-free for balances above £30,000.
Alongside the 3 Year Flexible Cash ISA - Issue 1, Barclays is also launching Instant Cash ISA - Issue 1 for savers who need full access to their savings. This provides customers with a simple and transparent account, giving customers unlimited instant access to their money and the flexibility to save either the full cash ISA allowance in a lump sum or contribute over the course of the tax year. The same rates and tiers apply as the 3 Year Flexible Cash ISA but are variable and include a fixed 12 month introductory bonus of 0.80 per cent tax-free per annum, which reinforces our commitment to savers that they will continue to earn a credible rate of interest over the longer term.
Both cash ISAs allow Transfers-in from existing cash ISAs held with Barclays as well as other providers. Transfer-In requests to the Instant Cash ISA - Issue 1 can be made at any time. Transfer-in requests to the 3 year Flexible Cash ISA - Issue 1 need to be with Barclays within 30 days from opening the account. Barclays is also participating in the new Electronic Cash ISA Transfer Service which will significantly improve and speed up the transfer process for customers.
Lee Chiswell, Head of Savings at Barclays said "This year sees the launch of our exciting new Flexible Cash ISA which will give customers the best of both worlds, peace of mind of a fixed rate over the longer term with the flexibility of being able to access a proportion of their savings when they need it.
"We understand that times are tough, with inflation running high and household budgets squeezed, it is now more important than ever for savers to make their money work as hard as possible by taking advantage of their full tax-free allowance. With this in mind, we're enabling customers to Transfer-In to our new range of cash ISAs this year so they can earn a competitive rate on the cash ISA balances they have built up historically - which could be up to £85,000 if an individual has put away the maximum allowance each year since cash ISAs launched in 1999."
In addition, Barclays is offering a range of 70 easy-to-manage funds available within an investment ISA, all provided with 0 % initial charge and cashback on eligible funds. Investors can monitor the value and performance of their investments at a glance, 24/7 with secure online access through their online banking or through the secure Barclays Investments online hub.
For more information, visit barclays.co.uk/isa.