Major building society launches quirky new Isa with a 4.12% rate
The building society has launched an 'annual allowance' cash Isa which pays a 4.12 per cent rate in an attempt to get customers to use their Isa allowance early rather than rushing to use it up at the end of the tax year.
Skipton said it launched the new Isa after seeing how many customers typically wait until the end of the tax year to use their Isa allowance.
There's no set deadline to get funds in the Isa though, once the account is open customers can deposit this tax year's Isa allowance into the account up until the end of the tax year.
There is a catch in that the new Isa only permits current year subscriptions and does not allow Isa transfers in from other providers or previous tax years.
Alex Sitaras of Skipton Building Society said: 'While the deadline runs until April 2026, this competitive rate gives customers a great opportunity to start benefiting from their tax-free savings sooner rather than later.'
It comes as Skipton saw a 45 per cent jump in the number of cash Isas opened between 23 June to 30 June as savers rushed to stuff Isas with cash ahead of rumoured rule changes that the cash Isa allowance would be slashed from £20,000.
This plan was put on pause by the Chancellor last week after a furious backlash from savers and industry figures.
Sitaras saud: 'The decision to keep the cash Isa limit the same is a big win for savers and we look forward to continued consultation from the government on future Isa changes.
Customers can transfer current year Isa subscriptions from other Skipton Isas - but only if all of the funds held in the account were paid in during the current tax year. It is not open to older Isa contributions.
Anyone can open the annual allowance Isa and you don't have to be a Skipton Building Society member to open one.
It's not the best rate on the market as other Isas pay close to 5 per cent.
The best easy-access Isa pays 5.44 per cent and is offered by CMC Invest. This Isa comes with a bonus rate of 0.85 per cent for three months, after which the rate reverts to 4.59 per cent.
Meanwhile Plum and Trading 212 offer easy-access cash Isas paying 4.98 per cent, though Plum only allows three free withdrawals before the rate is cut.
There is no short term bonus on Skipton's annual allowance Isa that drops off after a few months and money is easily accessible without restrictions.
The rate is variable so it could drop or rise depending on the savings market.
The account can be opened online, though Skipton's app, by email, over the phone or in a branch.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
11 minutes ago
- The Independent
Charles marks nuclear industry anniversaries in Caithness visit
The King has marked a series of anniversaries linked to the nuclear industry on a visit to Caithness in the north of Scotland. Charles was in Scrabster, which is only a short distance from the UK mainland's most northerly point at John O Groats, to meet with key figures working in the nuclear sector. The King has a long-standing affection with the Caithness area and is a regular summer visitor to the nearby Castle of Mey. The visit to Scrabster harbour was hosted by the Nuclear Decommissioning Authority (NDA) to mark the 70th anniversary of the Dounreay nuclear site. Established in 1955, Dounreay was a leading research centre for scientists and engineers experimenting with plutonium, uranium and other metals to generate electricity using advanced types of nuclear reactor. That research work ended in the 1990s and the site is now Scotland's largest nuclear clean-up, waste management and demolition project, with the aim of leaving the land housing the redundant research facilities safe for future generations. The royal event on Monday also marked 50 years since the formation of the Pacific Nuclear Transport Limited (PNTL) company, which has been involved in the transportation of nuclear materials between Europe and Japan for five decades. A lone piper played as Charles arrived at the pier side on Monday morning. Wearing a kilt, the King met crew members of the Pacific Heron, a second-generation purpose-built nuclear transport vessel. He also unveiled a plaque on the Jubilee Pier to commemorate the PNTL's 50th year of operations. The third anniversary being recognised at the event was 20 years since the establishment of the Nuclear Decommissioning Authority (NDA), a non-departmental public body of the Department for Energy Security and Net Zero. In April 2005, the NDA took over the ownership of the Dounreay nuclear facility from the United Kingdom Atomic Energy Authority (UKAEA). Jonathan Power-Higgins, the director of nuclear and assurance for the NDA's Nuclear Transport Solutions (NTS), said it was significant day for the nuclear industry across the UK. 'It is mammoth to have His Royal Highness coming here and that's a testament to the industry's importance,' he said. Joanne Lane, the commercial director at NTS, said it was an emotional experience meeting the King. 'It's a tremendous honour – a personal honour and honour for the business,' she said. 'Pacific Nuclear Transport is 50 years old. So we've been transporting radioactive material safely around the globe for over 50 years – over five million miles without a single incident involving radioactivity. The King was very interested in what we do. 'He was very interested in innovation and how we use our technical expertise to do things better, more efficiently, safer.' After unveiling the plaque on Jubilee Pier, the King attended a reception in the nearby Fish Market Hall, where he met more people involved in the area's nuclear industry and also local community members. One of those he chatted to was Angus Lapslie, an engineer at the Dounreay site who has strong family links to the Royals. The Army reserve officer's late grandfather was Reverend Keith Angus, who was the domestic chaplain to Queen Elizabeth II at the Crathie Kirk church in Aberdeenshire. Mr Lapslie carried the King's colours of his battalion at the coronation ceremony in 2023 and his battalion was also involved in supporting the police during Queen Elizabeth's funeral the previous year. He said the King's visit was special for those working in the nuclear industry in the north of Scotland. 'It's hugely significant to see the recognition of the length of time that Dounreay has been around for and the amount of work that we've done in that 70 years and that we will continue to do in the future,' he said. 'Particularly given His Majesty's close connections to Caithness, it's a really special occasion that he was able to come and recognise it.' At the end of the reception, Charles unveiled another plaque – this one commemorating the 70 years of the Dounreay site. 'Happy 70th birthday everybody,' the King said after the ceremonial unveiling. 'A great pleasure to see you all.' During his visit, Charles also met local sea cadets and Royal National Lifeboat Institution volunteers from the area. He took the opportunity to present a long service medal to the daughter of William 'Wing' Munro, who volunteered with the RNLI in Scrabster for 55 years. Dee Munro accepted the award on behalf of her father, who was unable to attend the event due to ill health. She said it was something the family would 'always remember'. 'It's been a lovely send off for my dad's years of service and just a mark of respect and an honour to meet the King as well,' she said.
The Sun
12 minutes ago
- The Sun
Raheem Sterling leads list of NINE Chelsea players banished from Blues' website as full 47-man squad revealed
RAHEEM STERLING heads a list of NINE Chelsea players who are out of the first-team picture - literally. The former England international, 30, and eight other stars do not even have a profile or photo in the first-team section of the Blues' official website. 4 4 The clock is ticking for Chelsea to find new homes for unwanted players after Sterling and others were joined on Monday by players returning after time off following the Club World Cup. The Blues have been on another big spending spree this summer, with £60million Joao Pedro among a number of signings that have swollen the current first-team squad to an incredible 47 players. Stamford Bridge chiefs are close to selling striker Armando Broja and midfielder Lesley Ugochukwu - two of the players who do not appear on the website - to Burnley. But in addition to Academy graduates Broja and Alfie Gilchrist, there are seven players including Ugochukwu who cost Chelsea a combined total of more than £200m who have no profile on the website - despite still officially being at the club. Even among the 31 players who ARE listed as first-teamers by Chelsea, there are big names like Christopher Nkunku who could yet find themselves leaving before the transfer window closes on September 1. Ukrainian winger Mykhailo Mudryk, who is facing a ban for failings a drugs test, DOES still have a profile pic - albeit wearing last season's kit. Add in the six players already sent out on loan, and the Blues have a huge number of players - and agents - to juggle. And that's before they make further signings, with both RB Leipzig's Xavi Simons and Manchester United's Alejandro Garnacho still in their sights. Sterling, signed from Manchester City for £47.5m in 2022, and fellow former England star Ben Chilwell, a £50m arrival from Leicester in 2020, have been frozen out for more than a year. Sterling sealed an 11th-hour loan move to Arsenal last summer. Chilwell and Axel Disasi, a £38m signing from Monaco in 2023, spent the second half of the season on temporary deals at Crystal Palace and Aston Villa respectively. Midfielder Carney Chuwuemeka came from Villa in 2022 for an initial £15m and has returned to the training ground after spending six months at Borussia Dortmund. Likewise midfielder Lesley Ugochukwu, a £23.5m signing from Strasbourg in 2023, is into his third week working at Cobham after coming back from a season-long stay at Southampton. Of the Chelsea players who went out on loan last season, Renato Veiga probably did the most to enhance his value, during a six-month spell at Juventus. But the Portugal international, whose proposed big money move to Atletico Madrid appears to have collapsed, did not do enough to earn a spot on the Blues' website. The same applies to forgotten Ivorian forward David Datro Fofana. 4 The £10.5m signing from Molde in January 2023 returned early from a loan at Turkish club Goztepe last season after suffering a significant injury. DDF has been back training for a while but is another player on his way out at Chelsea. Club bosses have plenty to do to make sure Maresca has a squad of a manageable size. Former Blues boss Graham Potter revealed he had so many players at one point that some of them had to sit on the floor for team meetings.
BBC News
12 minutes ago
- BBC News
Rent cut by 25% for Bilston market traders during £5.2m revamp
A rent reduction of a quarter to support market traders during redevelopment work in Wolverhampton has been works on transforming Bilston outdoor market are set to be completed in June 2026 and changes will include a new canopy, new toilets and improved public spaces under a £5.2m cut in rent, revealed by the city council, is to support indoor and outdoor traders and will run until the end of June. The authority said it had listened to traders' concerns and was committed to supporting them during the work. Traders have said they had suffered financial loss as well as ill health since the outdoor market relocated to make way for the upgrade last would be improvements to stalls and better access for pedestrians from the bus and Metro station, the council authority is also investing £15,000 in activities and events in and around the indoor market to help drive footfall during the will start with several free events during August, such as a funfair, face painting and a treasure of Wolverhampton Council Leader Stephen Simkins said the upgrade would deliver a "first class" market and this time next year there would be "more modern, more accessible, and more vibrant spaces". "In the meantime, we have listened to traders' concerns and are committed to supporting them during the works," he said. "This offer comes on top of the council investing millions of pounds in the major improvements that will make the market even better for them and their customers." Follow BBC Wolverhampton & Black Country on BBC Sounds, Facebook, X and Instagram.
