A new cash ISA has been introduced by the Alliance and Leicester, with an interest rate of six percent per annum and a minimum balance of just one pound.
The Easy ISA as it is called allows the usual maximum amount of GBP3,600 in each tax year, with management through either phone or internet. The offer is open to all consumers whether they are existing Alliance and Leicester customers or completely new to the building society.
The Easy ISA name is very apt and will hopefully bring more savers into ISAs where they have previously been put off. As an Alliance and Leicester spokesperson explained, a cash ISA is just like a normal savings account, the difference being that no tax is paid on the amount saved.
The Alliance and Leicester has just announced a new savings account that pays interest at 9 percent gross per annum. It is a one year fixed rate account open to customers who invest in their Balanced Savings and Investment Plan.
The Balanced Savings and Investment Plan is made up of a portfolio bond and a savings account. The minimum deposit for the bond is GBP5,000 and at least GBP1,000 for the savings account. Before leaping in investors are advised by the Alliance and Leicester that the recommended term for the bond should be at least 5 years, meaning any money placed here should be left alone for a period of time.
An Alliance and Leicester spokesman said the offer combined a mix of short and medium term savings with the potential for excellent returns, much better than a regular savings account.
A new Legal and General Portfolio bond will be available from 21 July, ideal for financial advisors to use when putting together an investment portfolio for their clients.
Three different charging options are available, a wide choice of funds as well there being no charge to swap between different funds. Legal and General have listened to the needs of financial advisors and come up with a portfolio bond that seems to deliver what they have asked for.
The different options provided by Legal and General also cater for different risk profiles along with the option to take regular withdrawals. All in all investors will find all their bases covered with this new bond offering.
