A new issue of first direct's online individual savings account (ISA) has been launched and will offer a savings interest rate of five per cent to savings account holders.
The e-ISA requires a minimum investment of £1 and the savings provider claims it offers "one of the best instant access cash ISA rates" available.
When the savings interest rate period expires on September 1st 2006, the savings account will pay the standard ISA rate at the time.
It is claimed that those who transfer their full £3,000 ISA allowance from a taxable instant access savings account into this e-ISA could earn almost double the savings interest they are currently receiving.
The time to save money is when you have some, according to the head of marketing at first direct, Ben Dunn.
"A cash cushion is one of the comfiest things to own and it's not every day that you get to almost double your interest," he continues.
Mr Dunn says first direct offers "a seriously good home" for savings.
No withdrawal or transfer fees apply to this savings account and customers can apply for the ISA on the savings provider's website.
Online savings account launched
Online savings account launched
Fri, 17 Feb 2006
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