Two new cash individual savings accounts (Isas) have been announced by Saga Personal Finance which give customers the option of receiving interest monthly or annually.
Launched on April 1st, the one-year fixed-rate cash Isa has an annual tax-free interest rate of 2.95 per cent and the one-year fixed-rate monthly interest Isa has a tax-free rate of 2.91 per cent, or a taxed rate of 2.95 per cent.
The average interest rate for a cash Isa lies at 2.09 per cent, according to Moneyfacts, and the new offerings from Saga will help people maximise their savings .
Andrew Goodsell, chief executive of the Saga Group, commented: "Our approach is to offer an increased range of good value savings products to our customers, this is even more imperative at a time when savers, and pensioners in particular, are seeing their savings income reduced as a result of successive interest rate cuts ."
Saga has also called on the government to increase Isa allowances to let people make the most of their savings.
Insurance company Marks and Spencer Money has recently urged people to make the most of the current maximum tax-free allowance for cash Isas of £7,200 as the end of the financial year approaches.
Saga announces Isa boost for savings
Financial Services > Saving Accounts > News
Saga announces Isa boost for savings
Thu, 26 Mar 2009
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