The building society’s WeBSaveR ISA pays 1.45% tax free gross p.a./AER variable and accepts investments of up to £15,000 so customers can utilise the new higher limits for tax-efficient saving straight away.
Transfers in are also permitted from both existing cash ISA balances and, for the first time under the new rules, stocks and shares ISAs.
Available to new and existing customers from 1 July, WeBSaveR ISA is offered exclusively through the internet and can be opened with a minimum deposit of £1,000. Interest is paid annually and customers can access their funds as often as they wish without notice or charge.
The West Brom’s Head of Products David Taylor said:
“We are giving savers the opportunity to take full advantage of the new tax free savings rules so they can put more money away and also switch old equity ISAs into cash ISAs for the first time.
“This account not only offers a good return, it allows unlimited withdrawals with no restrictions on access to funds. It provides the convenience and flexibility of managing your money online and additional investments can be made at any time too, subject to ISA limits.
“Increasing the annual tax free allowance to £15,000 is welcome news for savers, giving them the greatest opportunity to date to shield a proportion of their savings from the taxman. We are pleased to have a competitive savings product available to help them from day one.”
