M&S Money unveils Advantage Cash ISA
Thursday, 09 February 2012 08:23
M&S Money has today launched an ISA offering savers a return of three per cent AER.
The Advantage Cash ISA allows tax free savings up to this year’s ISA allowance of £5,340.
Savers can deposit from £25 a month by Direct Debit, or make a £100 lump sum to open the account.
Unlimited transfers from other cash ISA providers are also permitted, along with penalty-free withdrawals.
Existing Flexi Cash ISA customers can also switch over to the new Advantage rate, M&S Money said.
Fleur Carruthers, savings and investments manager, said: “Our new release Advantage Cash ISA offers a great variable rate, without the worry of a short term bonus that will expire.
“We have kept it simple and straightforward.”
After the cash ISA allowance is reached within the tax year and money is subsequently withdrawn, it can’t be replaced by further top-ups within that tax year, the supermarket bank added.
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