Post Office launches new cash ISA offering 6.25 pct (UK)
The Post Office has extended its savings range by launching cash ISA paying a leading rate of 6.25 per cent.
The Post Office Cash ISA is ideal for savers looking for a highly competitive return on their savings and who want to take advantage of their annual tax-free allowance. It guarantees to track changes in the Bank of England base rate until 1st January 2010 and the rate will never be more than 1 per cent below base rate, meaning investors who stay with the Post Office over the long term will not be penalised.
Post Office is also offering customers the Post Office Investment ISA, which invests customers’ money in the FI Post Office Cautious Managed Investment Fund. The fund aims to provide medium to long-term capital growth by investing in a range of Norwich Union funds.
The Post Office has extended its savings range by launching a cash ISA paying a leading rate of 6.25 per cent.
The Post Office Cash ISA is ideal for savers looking for a highly competitive return on their savings and who want to take advantage of their annual tax-free allowance. It guarantees to track changes in the Bank of England base rate until 1st January 2010 and the rate will never be more than 1 per cent below base rate, meaning investors who stay with the Post Office® over the long term will not be penalised.
Post Office director of savings Richard Norman said: “Our new Cash ISA offers customers the opportunity to save in a tax efficient way whilst getting a very competitive rate of return. There are an estimated 12 million cash ISAs in the UK and with many people reluctant to invest their money into equities at the moment there is a bigger demand for cash savings products, including cash ISAs.” **
“The Post Office® launched into the savings market over two years ago and since then we have received a great deal of interest from a wide range of customers, all looking to invest their money with a trusted brand. In fact, we now have over 500,000 customers for our savings range. We hope that the launch of the cash ISA will benefit both new and existing customers who want a safe place to put their savings.”
For those who would like to invest money in a stocks and shares ISA, the Post Office is also offering customers the Post Office Investment ISA, which invests customers’ money in the FI Post Office Cautious Managed Investment Fund. The fund aims to provide medium to long-term capital growth by investing in a range of Norwich Union funds. It is available in branch, by post and application forms can be requested by phone or printed off from the Post Office website.
