Act now to beat this year’s ISA deadline

Time is ticking away for savers yet to take advantage of their cash Individual Savings Account (ISA) allowance for the current tax year.

Until 5 April, savers can deposit up to £5,100 tax-free in a cash ISA account and for the 2011-2012 tax year the allowance is increasing to £5,340.

With interest paid tax-free up to the allowance limit, it’s clearly important to secure a competitive rate from your provider.

The West Brom, a leading building society in the West Midlands and the sixth largest in the UK, has just launched a cash ISA which combines a ‘best buy’ interest rate with the convenience of being managed completely online.

The WeBSave ISA pays 2.88% AER (2.87% tax-free p.a.) on balances of £1,000 or more, which includes an unconditional bonus of 1.12% up to 29 February 2012.

It is available to new and existing West Brom customers and is not linked to the purchase of any other of the Society’s products in order to access its high rate. Transfers in from previous years’ ISAs are accepted.

Stephen Leonard, the West Brom’s Divisional Director for Marketing and E-Commerce, said: “ISAs continue to be popular savings products because of their tax-free status.

“We are bringing the WeBSave ISA account to the market now so that savers yet to use this year’s cash ISA allowance still have time to put aside up to £5,100 without paying tax.

“They will also benefit from an extremely competitive rate of interest and be in a healthy position to make the most of their savings for the coming tax year.”

The WeBSave ISA is available from today (9 February 2011). All applications are made via the Society’s WeBSave website, as is all account management. Visit westbrom.co.uk to find out more.