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West Brom Building Society has increased the interest rate on its 60-day notice ISA to 5.1 percent, earning an \u201cexcellent\u201d Moneyfacts rating.<\/p>\n
Notice accounts are seen as a middle ground between easy access and fixed rate savings accounts.<\/p>\n
These accounts allow people to withdraw money if they need to, but they have to give the bank an agreed amount of notice or they could face penalties.<\/p>\n
Savers can launch West Brom\u2019s WeBSave 60-day Notice ISA (Issue Two) with just \u00a31 and interest can be paid monthly or annually.<\/p>\n
Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: \u201cFollowing last week\u2019s launch, West Brom Building Society has increased the rate on its WeBSave 60-Day Notice ISA (Issue Two), which now pays 5.1 percent yearly.<\/p>\n<\/div>\n
\u201cThere is also a monthly interest option for savers who wish to boost their income, paying 4.98 percent gross\/5.1 percent AER. The account maintains a competitive place in its sector and may be ideal for savers who don\u2019t mind giving notice to access their cash.\u201d<\/p>\n
Although earlier access is permitted, Ms Eastell noted: \u201cIt is subject to a full 60 days\u2019 loss of interest, so it is wise for investors to carefully consider whether it\u2019s worthwhile.<\/p>\n
\u201cAdditions can be made at any time and investors can make transfers in from multiple different ISAs. Overall, the deal earns an Excellent Moneyfacts product rating.\u201d<\/p>\n
But while West Brom\u2019s account is currently leading the market, the competition doesn\u2019t fall too far behind.<\/p>\n<\/div>\n
Furness Building Society is also offering a 60-day Notice ISA but with a lower interest rate of 4.1 percent. The account can be launched with a minimum deposit of \u00a31,000 and interest is paid yearly.<\/p>\n
Harpenden Building Society is offering a marginally higher interest rate but a shorter notice period of 45 days. The ISA pays an AER of 4.55 percent yearly and similar to Furness BS, a minimum deposit of \u00a31,000 is required to open.<\/p>\n
During the current period of frozen allowance thresholds and high interest rates, Jeremy Cox, head of strategy at Coventry Building Society, said: \u201cMillions of savers will be hit with a shock tax bill or stealth changes to their tax codes as they exceed their Personal Savings Allowances in this tax year.<\/p>\n
\u201cThe OBR\u2019s estimates are a clear sign that people should take urgent action to review their finances and start actively managing their tax-free savings.<\/p>\n<\/div>\n
\u201cThe good news is it\u2019s surprisingly straightforward to shelter savings from income tax by using tax-free ISAs. Everyone can save up to \u00a320,000 in an ISA each tax year and any interest payments will be shielded from income tax from then on.\u201d<\/p>\n
Without the protection of an ISA, Mr Cox said higher rate taxpayers need just \u00a310,000 earning a \u2018best buy\u2019 rate of five percent before the interest they receive uses up their \u00a3500 Personal Savings Allowance.<\/p>\n
After that, he noted that they would be hit with a 40 precent tax on any additional interest they are paid.<\/p>\n
Mr Cox continued: \u201cTax bills will steadily rise for anyone with non-ISA savings that has exceeded their Personal Savings Allowance.\u201d<\/p>\n
However, he noted: \u201cThere are only a few months left to make full use of this year\u2019s tax-free ISA allowance of \u00a320,000, but a new and completely separate \u00a320,000 allowance for the 2024\/25 tax year will be available from April 6.\u201d<\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":"
[ad_1] West Brom Building Society has increased the interest rate on its 60-day notice ISA to 5.1 percent, earning an \u201cexcellent\u201d Moneyfacts rating. Notice accounts are seen as a middle ground between easy access and fixed rate savings accounts. These accounts allow people to withdraw money if they need to, but they have to give …<\/p>\n","protected":false},"author":1,"featured_media":27644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/27643"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=27643"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/27643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/27644"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=27643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=27643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=27643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}