Money Matters

 

Time to top up your ISA

From 6th April 2010 the cash ISA subscription limit will increase to £5,100 for all eligible savers. Those born on or before 5th April 1960 received the benefit early as their limit increased on 6th October 2009. 

This means that for those aged 50 and over an additional £1,500 can be saved this tax year.

However, as the October increase was not compulsory for ISA providers, be aware that some, unlike the Vernon, are not allowing top ups! 

If your provider is not allowing the early top up, one way to take advantage of the new limit is by transferring your cash ISA to the Vernon. What's more we guarantee both fair and competitive rates which means that, rather than reserving much higher rates for new customers at the expense of existing loyal customers, we offer consistently higher rates for both. An example of this is shown below:

 

Comparison of Current Instant Access Cash ISA Rates

Abbey	0.10%
Britannia	0.80%
Cheltenham & Gloucester	0.05%
Cheshire BS	0.50%
Halifax	0.10%
Nationwide	0.25%
Northern Rock	0.80%
Vernon BS	1.25% AER*
Yorkshire BS	0.80%

 

 

  

 

 

 

 

 

 

 

Whilst we appreciate that rates are historically low, you can see that we are still paying 5 times more interest than the Nationwide and over 12 times more than the Halifax!

If you do not require instant access to your money and can afford to give 30 days' notice, our OptimISA is paying up to 2.25% AER*.

Rates correct as at 29th September 2009. Source: Internet

Visit our website for details of our Cash ISA and OptimISA Cash ISA (30 day notice) Accounts.