New ISAs From Halifax and Clydesdale And Yorkshire Banks

It’s the ISA season and we’re seeing a flurry of new ISAs come onto the market, including fixed rate ISAs from Clydesdale and Yorkshire Banks and a Cash ISA from Halifax.

The two fixed rate ISAs from Clydesdale and Yorkshire are for a 1 year term offering 3% Gross/AER or a 5 year term offering 4.25% Gross/AER.

For both savings accounts the minimum opening balance is £2,000 and transfers in are subject to ISA regulation limits, as well as the £2,000 minimum.

No withdrawals are allowed and early closure is subject to an interest penalty based on the remaining term, with a minimum of £30.

Halifax has a new 3% (variable) tax free Cash ISA Direct Reward available to both new and existing customers, although customers who hold their main bank account with Halifax will also get a further 0.2% taking the interest rate up to 3.2% (AER/Tax Free).

For this savings account the minimum balance is £1 and transfers in are accepted.

MoneyHighStreet.com comment: If you are a tax payer, using your tax free allowance (£5,100 for this tax tear, £5,410 for the ) is well worth doing, otherwsie you are effectively throwing money away to the tax man.

There are numerous ISA products now on the market, those above and others such as from Santander,  and no doubt more to follow.

To get the best deal to meet your needs you need to shop around and check beyond the headline rates. Don’t leave existing ISAs in a low rate account either. Check the rates you are getting and if need be switch to a better paying account.