Barclays is planning to launch two new savings accounts including Golden ISA, a cash ISA paying interest of 3.55% gross/3.61% AER.
Barclays has said that the new Golden ISA is available to new and existing customers and can be opened with a minimum amount of GBP1 and a maximum can be GBP3,600. To qualify for the 2008/2009 tax year the account must be opened by April 5, 2009 or April 6, 2009 for the 2009/2010 tax year. The 3.55% gross/3.61% AER includes a 1% gross bonus for 12 months.
Barclays has also said that it will be replacing a couple of savings products with MoreForMore Savings which provides instant access and has no restrictions or interest penalties. The new account offers a cash card and allows savers to open multiple accounts. The cash in the accounts is linked together and the interest rate the customers earn is on the total combined balances, paying up to 1.24% gross/1.25% AER.
Andy Gray, head of mortgages and savings at Barclays, said: Our Golden ISA is simple and transparent with no additional purchase conditions. It pays a 3.05% more than the latest Bank of England base rate. Once open, customers have complete flexibility with this best buy ISA with unrestricted access to the funds should they need them and they still get their interest tax free.
