‘Happy New Tax Year’ as West Brom Increases Online Cash ISA Rate

WEST BROMWICH, U.K. - April 9, 2015 - PRLog -- Building society the West Brom is offering savers a welcome boost by increasing the rate of interest paid on its WeBSaveR Limited Access ISA from 1.40% to a market leading 1.55%.

The change applies to new customers and those who have already opened the product.

It comes hot on the heels of an increase in the annual tax free allowance for savers, who can now invest up to £15,240 for the current tax year.  The WeBSaveR Limited Access ISA also accepts transfers of previous years’ ISA subscriptions providing the maximum account balance does not exceed £250,000.

Available via the West Brom website and operated online, WeBSaveR Limited Access ISA requires a minimum initial investment of £1,000.  Interest of 1.55% tax free gross p.a. / AER variable is paid annually and can either be credited to the account or paid away.

Three withdrawals can be made per account year without notice or charge.  Further withdrawals are permitted but will result in the account earning a lower rate of interest, currently 0.75% tax free gross p.a. / AER variable, for the remainder of that year.

David Taylor, the West Brom’s head of products, said: “We’re pleased to be improving the rate we can offer savers who are keen to utilise their new tax free savings allowance right at the start of the tax year.

“Our Limited Access ISA combines the convenience of online account management with a market leading rate of interest which isn’t confused by the use of a temporary bonus.”

For more information visit http://www.westbrom.co.uk/savings