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Your last chance to find an Isa
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Thanks to the credit crunch, some cash-hungry banks and building societies are offering Isa deals with 10% interest, but unfortunately each of these has a catch.
Alliance & Leicester’s (A&L) Premier Isa Issue 2 is paying 10% but it’s only available to customers who also open a new Premier 50, Premier 21 or Premier Current Account with the bank.
Abbey’s Super Isa Issue 2 also has a rate of 10% but customers must invest an equal amount into its Guaranteed Growth Plan, or into one of Abbey’s equity funds.
As a more straightforward proposition, the Barclays Tax Haven Isa is offering the best rate at 6.5%, although this includes an introductory bonus for the first 12 months.
It’s available online to existing Barclays customers and through a branch to new customers. However, you cannot transfer money from another Isa into this account.
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The best deals that do accept transfers are Abbey’s Direct Isa and A&L’s Direct Isa Issue 4 which both pay 6.25%.
However, the rates do include introductory bonuses, which run until May 2009.
If you don’t want to have to worry about moving your money again, the Icesave Easy Access account could be a good option. It pays 6.1% and the rate is guaranteed to be at least 0.3 percentage points above the Bank of England rate (currently 5.25%) until January 2011.
Another option if you’re looking for a deal with no short-term bonus is Egg’s Cash Isa which has a rate of 6.05%.
The Egg account doesn’t accept Isa transfers, although it’s good if you only have a small amount to put away because the minimum deposit is just £1, compared with £1,000 for Icesave.
