9 March 2011

Saffron reveals ISA offering and urges savers to make the most of their annual tax free allowance

As the end of the tax year approaches, Saffron Building Society - the regional building society serving East Anglia - today revealed its ISA offering and urged savers to ensure they are making the most of their annual ISA allowance.

This year Saffron is offering new and existing customers even more flexibility than ever before with a range of competitive cash ISA products to suit different needs.

Saffron Cash ISAs

Two Year Fixed Term, Fixed Rate Cash ISA at 3.00% with a minimum opening balance of £500
Reward Cash ISA with a minimum investment of £1 at 0.5% AER and a second tier investment of £20,000 or over at 0.75% AER, with a 1% interest rate reward on both tiers for every three month period that you leave your money untouched,
One Year Fixed Term, Fixed Rate Cash ISA at 2.75% with a minimum opening balance of £500
Two Year Fixed Rate Members' Cash ISA at 3.30% AER with a minimum opening balance of £500
One Year Fixed Term, Fixed Rate Cash ISA at 3.00% with a minimum investment of £500 (transfers in not permitted)
One Year Fixed Term, Fixed Rate Credit Suisse Linked Cash ISA at 4.00% AER annual income

John Eastgate, Sales and Marketing Director of, Saffron Building Society, said: "The low Bank of England base rate means it is more important than ever for consumers to take advantage of ISAs as tax efficient savings vehicles. As with previous years Saffron is committed to making this process simple with a range of different accounts to suit different needs and a switching process that is easy and hassle-free. We are also proud to offer a members' only Two Year Fixed Term, Fixed Rate account which rewards existing customers with a better rate."

To help savers Saffron has prepared three top ISA tips

Highest rates are often for Fixed Rate ISAs. These mean: a) you have to leave your money untouched for the term of the account - up to five years, b) you often can't add to this ISA in later tax years, and c) if interest rates go up during the term of your fixed ISA, you'll be missing out!
Other high rates can carry short or medium term bonuses. Sometimes the rate is almost entirely 'bonus', which then vanishes after a set period. If you do invest in an ISA carrying a bonus, be prepared to move it again after the bonus period expires.
Examine the notice period on an ISA. If it's a long period and more competitive deals suddenly become available, you'll be stuck until the end of the notice period (often 3-6 months), or lose interest on the account, which could be frustrating.

These are limited offers and Saffron Building Society reserves the right to withdraw product offers. Full product details can be found at here.

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