Tipton & Coseley Building Society has launched three new Cash ISA products to help its customers take advantage of tax-free savings.
A cash ISA is a savings account that pays interest without tax deducted.
The two year fixed rate ISA offers an interest rate of 1.60% gross / AER* fixed until 30th June 2021.
The one year fixed rate ISA has an interest rate of 1.35% gross / AER* fixed until 31st May 2020. The minimum deposit is £1000 and the maximum operating balance is £100,000 for both the one year and two year fixed rate products. Customers can pay up to £20,000 in one instalment during the tax year with no additional funding allowed after the initial deposit until maturity.
For customers who may need to access their money at shorter notice, the Tipton has launched a 30-Day Notice Cash ISA with a variable interest rate of 1.15% gross / AER*. It has a minimum deposit of £100 and a maximum operating balance of £100,000. Customers can pay up to £20,000 into an ISA during any tax year. The Building Society may change the interest rate at any time.
Interest is calculated daily and paid annually on 5th April for all three Cash ISA products and again on maturity for the fixed rate ISA’s.
The introduction of the new Cash ISAs follows the launch of a number of new savings products from the Tipton including a fixed rate regular saver and two fixed rate bonds.