24 March 2009
A new fixed-rate ISA has been unveiled by Lloyds TSB, which it believes will give people greater returns on their savings.
It will be available from today (March 24th), with rates guaranteed for 12 months from the date on which the account is opened.
Colin Walsh, Managing Director of Savings and Investment at Lloyds TSB, believes now is the best time to make the most of the rate increase.
"Given the current low-rate environment, it is more important than ever to make use of your tax-free allowance and we would encourage savers to take action before the tax year end on April 5th," he continues.
Existing customers will likewise see their rates escalate, which will enable them to build up a "tax-free nest egg", Mr Walsh claims.
The Tax Incentivised Savings Association also recently advised people to invest in a cash ISA before the tax year runs out.