Yorkshire Bank Sees Almost 10% Increase In Cash Isa Investments

24/4/09

Yorkshire Bank has seen an almost 10% increase in the level of investment in Cash ISAs over the past six months*. The Bank, which marks its 150th anniversary this year, has also seen a £340 increase in the average balance over the same period.

Customers are now benefiting from the introduction of a new tier of interest rates including a rate of 2% for savers with over £24,000.

Customers can open a Cash ISA with a minimum of £10.00 and a maximum saving level of £3600 is allowed in the current tax year.

The budget has seen an increase in the threshold for the over 50s which will be increased to £5,100 for savings in cash ISAs in one year from 6th October 2009. This new level will be available to all customers from 6th April 2010.

The instant access account is available at all Yorkshire Bank branches and customers can transfer funds from another provider.

Gary Lumby, Head of Retail Yorkshire Bank, said: "At Yorkshire Bank we are focused on supporting all our customers, including savers. Our cash ISAs are proving very popular not just with customers saving for the longer term, but also with those who prefer to have the safety net of having instant access to their money with us if they need it.

“If you want to have a large sum of money attracting tax free interest in the future, this product allows you to make use of your ISA allowance now.”