The Cambridge makes positive changes to ISA range
The Cambridge Building Society has reviewed its entire ISA range and has today announced that it has increased rates on its 1&2 year fixed rate cash ISA's and has launched a new ISA product exclusively for its members.
The five year fixed rate exclusive will offer members of the Society 4.00% on their 2012/2013 cash ISA allowance and is available to existing members who have held a savings or mortgage account with The Cambridge for at least three months.
Both the 1 and 2 year fixed rate cash ISA rate have been increased by 0.10% taking the 1 year fixed rate ISA to 2.85% and the 2 year fixed rate ISA to 3.35%.
Other ISA products available from The Cambridge include:
3 year fixed rate ISA at 3.50%
Instant Access Cash ISA: £1+ (0.70%) £3,000+ (1.30%)
The Cambridge Members' Notice ISA: £500+ (1.90%) £20,000+ (2.10%) £25,000+ (2.60%)
The Cambridge also announced earlier this week the launch of its innovative 6% ISA Reserve Account which will house savers' ISA allowance until the 6th April, ensuring that customers receive the maximum interest possible with the least difficulty.
With the first day of the new tax year, April 6th, falling on a Bank Holiday, savers may not be able to make their ISA deposit as many banks and building societies will be closed and customers may be on holiday.
The convenient automatic transfer from the Reserve Account into an ISA will mean that the four day bank holiday will not affect savers and the four day interest will not be lost.
The feeder account, although not an ISA, allows people to set aside their 2012/2013 £5640 ISA allowance from the 21st February 2012, obtaining a rate of 6.0% Gross p.a. / AER (4.8% Net) up until Friday 6th April when the funds will automatically transfer over to one of The Cambridge's six ISA products, as chosen by the customer.
Andy Lucas, Commercial Director at The Cambridge Building Society says: "This account has been very popular in the past, giving customers peace of mind that their funds will be transferred into an ISA of their choice, without them having to worry about getting to a bank or building society on the 6th April.
"With the first day of the new tax year falling on a Bank Holiday, this is a time when most people may not be around to transfer funds into their ISA or they may wish to do so but their bank or building society will be closed.
"The ISA reserve account takes the pressure off the customer and ensures that they are receiving a good rate of interest up until the 6th April 2012 and then the funds are transferred into their chosen ISA account."
For more information, visit cambridgebs.co.uk.