Bank of Scotland launches its ISA Promise

Bank of Scotland has announced the launch of its ISA Promise, providing a fairer deal for customers when transferring their cash ISA.

When a customer switches their Cash ISA to Bank of Scotland, it will pay interest from day one of receipt of completed transfer applications.

The key elements of the Bank of Scotland ISA Promise are: -

When a customer switches their Cash ISA to Bank of Scotland, it will not wait for their current provider; instead it will pay interest from day on receipt of completed transfer applications.

Bank of Scotland will keep the customer informed:

While switching their cash ISA to Bank of Scotland

When their reward or fixed rate cash ISA offer is coming to an end

Of their cash ISA's interest rate

ISA Direct Reward account information: -

Open an account with £1 minimum balance
2.80% AER Tax Free
Unlimited withdrawals during the 12 month reward period
Unlimited number of deposits - up to £5,100 this tax year
Manage savings online or by telephone
Deposits can be made in branch

Flavia Palacios Umana, Head of Bank of Scotland Savings Products, said, "Cash ISAs are one of the best ways to build up a savings nest-egg. It is important to have savings you can fall back on in times of need so we want you to be able to make the most of your tax free savings allowance. By improving the transfer process between providers, our ISA Promise will allow customers to reap the benefits of tax free savings earning an amazing 2.80% interest rate from day one."