April marks the beginning of the 2013/14 tax year and the freshly increased tax allowances for ISAs will come into effect – up to £11,520 from £11,280 overall, of which £5,760 can go into a cash ISA.
If you’re looking for an ISA for your new allowance, the Cheshire Building Society ISA is worth considering.
Find the best Cash ISA or savings account for you
The ISA Saver (Issue 2), which is an instant-access ISA, offers 2.3% with a minimum initial deposit of £1,000. The interest is paid yearly, but you will only receive 2.3% on accounts holding more than £1,000 – if the balance falls below that, the interest rate drops to 0.25%.
The rate includes a 1.8% bonus that lasts until 30 October 2014 – which, in the grand scheme of things, is not too bad as most bonus periods only last 12 months. Withdrawals are also allowed from the account.
Cheshire Building Society allows you to open the account online, but the operation of the account must be done by post. For more details visit thecheshire.co.uk or contact 0808 144 3880.