Santander introduces new cash ISAs

Santander has kicked off the ISA season with the introduction of new savings interest rates on its loyalty and flexible ISAs.

Savings rates will increase for both new and existing customers offering competitive returns with a minimum guaranteed rate of up to 3.30 per cent AER.

Customers using the loyalty ISA will receive a guaranteed rate of at least 2.80 per cent above the Bank of England base rate for the first 12 months and the rate will not fall below 3.30 per cent.

The account also allows penalty-free access to the investment so savers have the added flexibility of being able to access their money at any time.

Santander's flexible ISA pays 2.65 per cent above the base rate for the first year and the savings interest rate is guaranteed not to fall below 3.15 per cent.

Reza Attar-Zadeh, director of savings and investments, said: "With interest rates at an all time low and inflationary pressure increasing, ISAs continue to play a vital role for taxpaying savers."

Santander recently added a new fixed-rate ISA to its range which pays a tax-free rate of 3.50 per cent and provides savers with a fixed return for two years, until April 2013.
 

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2011-02-28 15:50:18 © Moneyextra.com