Scottish bank launches Isa products

The Dunfermline has launched two new cash Isa products, as the deadline for using the 2009-10 tax-free allowance draws near.

Consumers in Scotland can take advantage of a one-year account at a savings interest rate of three per cent, or a two-year rate of 3.25 per cent.

Both accounts have a minimum £100 investment, with interest paid annually. The one-year account has a 60-day penalty period for early withdrawals, rising to 120 days for the two-year Isa.

The products may appeal consumers keen to use their £7,200 tax-free allowance £10,200 for over-50s before the April 5th 2010 deadline.

Niall Fraser, head of branches at the Dunfermline, said the firm was "delighted" to be able to offer two short-term fixed rate products, "at a time when people are looking really closely at how they can get the best return on their money".

From April 6th, all consumers will qualify for a £10,200 tax-free Isa allowance, permitting them to place £5,100 in a cash account and the equivalent sum in a stocks and shares account.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-03-17 12:12:50 © Moneyextra.com