Santander to introduce new flexible ISA

Thursday, 11 August 2011 01:17

Spanish banking group Santander has announced that it will be introducing a new flexible ISA at the beginning of next week.

The Flexible ISA Issue 4 pays a guaranteed rate of 2.81 per cent AER during the first 12 months, tracking the Bank of England base rate +2.31 per cent.

Savers can open a Flexible ISA Issue 4 with a £1 deposit and the account offers easy access withdrawals.

It can be opened in-branch, online or over the phone and the account can even be managed using a standard Santander cash machine.

Commenting on the new ISA product, Reza Attar-Zadeh, director of savings and investments at the bank, said: "Flexible ISA offers savers the best of both worlds for the first 12 months; a rate that tracks changes in the Bank of England base rate as well as a guaranteed minimum return for additional peace of mind."

Recently, Barry Naisbitt, chief economist at Santander, said that the decision by the Monetary Policy Committee to hold the base rate at its historically low level of 0.5 per cent was widely expected.

Use the Myfinances.co.uk comparison tables to find the best deal on an ISA

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