Teachers Building Society (TBS) has announced the launch of a new notice cash ISA account paying an Annual Equivalent Rate of 3.75 percent.
Founded in the 1960s to help teachers take their first steps on the housing ladder, the building society offers savings accounts to borrowers of all professions to support funding low-deposit mortgages to teachers so they can buy a first home.
According to the building society, people choosing to save with them are “directly” helping teachers buy homes, which is something the society thinks is a reason for savers to “feel proud”.
While high living costs continue to squeeze budgets, the new Cash ISA Notice 120 (Issue One) offers savers unlimited withdrawals subject to 120 days’ notice.
The account can be opened with a minimum deposit of £1,000, and up to £250,000 can be invested overall.
Commenting on the new deal, David Leek, commercial director at Teachers Building Society, said: “Our new notice cash ISA offers savers a very competitive rate of interest without having to give up access to their cash for a year or more as they would with a fixed rate ISA.
“This type of account could also suit those who want the benefit of tax-free savings without the temptation of being able to make instant impulse-driven withdrawals.”
Mr Leek added: “Those who choose Teachers Building Society can benefit from knowing that by saving with us they are directly helping the same mission we’ve had since the 1960s: helping teachers buy homes. We think that’s something to feel good about.”
But while TBS is offering a particularly competitive rate, it isn’t quite topping the leaderboard. Marsden BS’s Branch Cash ISA 180 (Issue One) is currently offering an AER of four percent.
The account can be opened with a minimum deposit of £1,000 and interest is calculated daily and applied annually on April 5.
Withdrawals are permitted as long as savers provide 180 days’ notice, and up to £250,000 can be invested overall.
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But while TBS is offering a particularly competitive rate, it isn’t quite topping the leaderboard. Marsden BS’s Branch Cash ISA 180 (Issue One) is currently offering an AER of four percent.
The account can be opened with a minimum deposit of £1,000 and interest is calculated daily and applied annually on April 5.
Withdrawals are permitted as long as savers provide 180 days’ notice, and up to £250,000 can be invested overall.
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Skipton Building Society is offering a competitive rate with slightly more flexible withdrawal rules. Its 60 Day Notice Cash ISA (Issue One) offers a 3.65 percent AER.
The account can be opened with a minimum deposit of £1 and interest is calculated daily and applied annually on the anniversary.
Up to £1million can be invested overall and withdrawals are permitted – as long as 60 days of notice is provided.
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