Seize the day and join the tax-free 200

Over 200 savers a day are beating the taxman by opening a Yorkshire Building Society Monthly Reward ISA.

The account pays 2.72% gross interest every month where no withdrawals are made, giving customers an instant reward for maintaining their savings balance.

Traditionally, the busiest time of the year for ISA applications is the first few weeks of the new tax year (6th April). However, over 1,000 people a week are opening Monthly Reward ISA accounts at the Yorkshire to ensure they benefit from their tax-free savings allowance before the current tax year ends.

The Monthly Reward ISA allows savers to transfer existing ISA savings into the account without any loss of tax-free status. Interest can also be credited to the account, allowing savers to effectively earn further interest on their interest payments. Savers can have instant access to their funds foregoing interest payments in months where withdrawals are made, however, in December withdrawals can be made without loss of interest.

Sarah Lawrence, Savings Development Manager at the Society said: "In the current environment it would seem that more people are recognising the need to save for a rainy day. In 2008 over 182,000 new savers chose Yorkshire Building Society as a home for their savings.

"Savers are also becoming increasingly savvy and we are noticing an increase in the popularity of our tax-free savings accounts. With a minimum opening balance of just £10 the account is open to all levels of savers and there's really no better time to take advantage of this savings shelter from the taxman!"