Skipton launches ISA and TOISA

07 March 2006
Skipton Building Society has announced two new tax-free investment options for people looking to maximise their savings.

Launched in the month before the current tax year ends, both the ISA and Tessa-only ISA (TOISA) accounts are fixed at 4.65 per cent until April 2008.

The minimum amount that can be paid into either the two-year fixed-rate ISA or TOISA is £500, while the maximum investment with the ISA product is £3,000.

This amount can only be exceeded if money is being moved from a different ISA provider, while further investments are permitted within ISA allowances.

The maximum investment for the new TOISA is the amount currently in the customer's existing TOISA, but there are no further investments permitted thereafter.

Withdrawal from both accounts can be made with 30 days' notice, provided the account has an operating balance of at least £500.

Jennifer Holloway, Skipton's head of media relations, said that the new deals were hitting the market "at a time when canny savers are reviewing their finances, to make sure they are making the most of their tax-free allowance."

She continued that the fact the accounts were fixed meant people could "be happy that should the base rate fall, their money will still be working hard for them".

To read more about ISA investment, click here.

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