Halifax launches best buy cash ISA

Halifax has announced the launch of new variable-rate, tax-free cash ISA available to both new and existing customers.

Savers will benefit from the company's best saving rate of 2.80 per cent with existing customers receiving an additional increase of 0.20 per cent on their interest payments.

The market leading ISA offers easy access with no penalties for withdrawals and can be opened with as little as £1 over the phone, in branch or online.

Flavia Palacios Umana, head of Halifax saving products, said that the ISA makes it even easier for savers to establish good savings habits and take advantage of tax-free savings all year round.

She added: "We think loyalty should be rewarded. That is why those who have their main bank account with us will earn three per cent on their ISA - an additional 0.20 per cent."

The standard annual cash ISA limit of £5,100, which was introduced in April 2010, applies to Halifax's latest product.

Earlier this month, Northern Rock launched a new variable rate ISA offering savings interest rates of 2.50 per cent. 

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2010-09-23 13:11:08 © Moneyextra.com