Egg launches new Cash ISA

Online bank Egg has launched a new Cash ISA paying 2.50% gross pa/AER variable rate - tax free. The product is available to new and existing customers from 12 March 2009 for deposits from as little as £1 up to a maximum of £3,600 per tax year.

Egg's latest research study reveals that UK banking customers rank ‘ease of access' (via the internet and phone) as one of the most important features for a savings account. An Egg ISA can be set up online in minutes and customers can keep track of their savings online any time of the day or night.

Dean Proctor, Head of Savings and Investment at Egg, said: "With the new tax year now only weeks away, people should be looking for ways to make the most out of their savings. Our new Cash ISA offers an attractive rate of interest with no catches and is quick and easy for people to open and manage online. During times of unprecedented low interest rates, customers need reassurance and with the Egg Cash ISAs being the most consistent ISA account on the market last year, our product offers potential for real growth."

Egg Cash ISA 2 - Summary of benefits and features:

2.50% gross pa/AER(1) variable rate - tax free
Customers can deposit anything from £1 to £3,600 each tax year (a tax year runs from 6 April to 5 April the following year.)
Customers can make a one-off deposit, regular payments or just add to it when you want to (existing ISAs cannot be transferred in)
An account can be set up online in minutes
Customers can keep track of it online anytime 24/7
Interest will be paid annually on the anniversary of the account opening

For further information on Egg's new Cash ISA, visit egg.com