The changes mean that a customer who opens a Santander 2 Year Fixed Rate ISA before the 2013/14 tax year end can maximise their tax free savings, using this year’s £5,760 allowance, top-up with 2014/15 allowance of £5,940 between 6 April and 30 June 2014, and then increase their funding to the maximum £15,000 between 1 July to 31 August 2014.
Richard Al-Dabbagh, Head of Savings for Santander said:
“The Government’s ‘New ISA’ is great news for consumers wanting to make the most of their tax-free savings. Santander has changed its funding rules for fixed rate ISAs to ensure savers who have yet to make arrangements for the current tax year or for those looking to maximise their savings in 2014/15, can take advantage of the new increased limit of £15,000 from 1 July 2014."
