Cambridge BS launches its first online ISA at 2.55%

The Cambridge Building Society has launched its first e-ISA, offering a variable rate of 2.55 per cent and penalty-free withdrawals.

The online saver can be opened with £1 up to the 2012-13 tax free allowance of £5,640 and will also accept ISA transfers.

Andy Lucas, commercial director at The Cambridge, said the account is a ‘no strings attached’ product, with no introductory bonus.

“The new e-ISA will give those customers who do not want to spend hours looking through comparison tables, trying to interpret all of the various product specifications, a simple and straightforward solution,” he added.

Earlier this month, the building society relaunched its e-Saver, which no longer has an introductory bonus rate and also offers savers a 2.55 per cent return.

Other ISAs available at The Cambridge include a one year fixed at 2.85 per cent, a two year fixed at 3.35 per cent and a three year fixed at 3.5 per cent.