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Cash ISA Season Hots up, but Savers Beware of the Bonuses

Personal_Finance / ISA's Mar 14, 2012 - 07:41 PM GMT

By: MoneyFacts

Personal_Finance

The 2012-13 ISA season is gathering pace, with providers showcasing their latest tax-free offerings.

Many of this season’s variable cash ISAs include large introductory bonuses, designed to boost the initial rate and attract customers.


Number of variable cash ISAs

178

Number of variable cash ISAs with introductory bonuses

40

Average cash ISA rate

1.91%

Average size of a cash ISA’s introductory bonus

1.32%

Source: Moneyfacts.co.uk 14.3.2012

 

 

 

 

 

 

Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: “Savers looking for a competitive tax-free investment at the moment are spoilt for choice. We have seen a surge in new ISA products over the past few weeks and this is predicted to continue until the beginning of the new tax year in early April.

“Out of the current top five variable ISA rates, four include introductory bonuses equating to a substantial portion of the overall rate.

“Savers looking for a competitive rate must bear in mind that no matter how appealing the initial rate looks, the rate of return will drop significantly once the bonus period expires.

“It would be wise for savers opting for these types of accounts to make a note of when their bonus period is due to expire. This should allow enough time to review savings options, transfer funds to another competitive account and ultimately avoid the disappointment of reverting to a measly return.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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