Teachers Building Society has launched a new cash ISA offering a competitive interest rate of 6.25% gross p.a. / 5.90% AER variable for the first 6 months.
The tax free savings plan requires a minimum investment of £250 and the interest rate includes a bonus of 0.7% for the first 6 months, so the rate reverts to 5.55% gross p.a. after that time.
Teachers Building Society was founded over forty years ago by the National Union of Teachers and the Society remains committed to providing mortgages for teachers and education professionals, although the savings products offered by Teachers Building Society are available to everyone.
Investors who open a Cash ISA 30 account may add to their savings at any time. Withdrawals require 30 days written notice to avoid losing interest on the amount being withdrawn. The Society also offers an easy access Cash ISA with withdrawals at any time free of interest charges.
Marketing Manager Mike Hislop says “Our new Cash ISA 30 offers a very attractive interest rate for the first six months that beats most others currently on the market. ISA’s are a great way of saving, tax free, for a new car, a deposit on a home or towards retirement. Unlike some other organisations, our customers benefit from savings that earn interest for each complete day their money is with us.”
The new ISA limits brought into effect last month mean that individuals are able to subscribe up to £7200 in a tax year. Up to £3600 of that can be saved in a cash ISA with the remainder of the £7200 available to invest in a stocks and shares ISA.
