Barclays launches new cash ISA

Barclays launches new cash ISA March 19

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With less than three weeks to go before April 5th - the cut off point for investment in ISA’s for the current tax year - Barclays has launched a new “no catches” ISA that it hopes will appeal to those investors who haven’t yet used up their 2006/7 ISA allowance.

The new tax beater cash ISA offers an interest rate of 6.5 per cent AER, although this includes a one per cent interest rate bonus only paid in the first 12 months.

It has a minimum investment of £1, and as a cash mini ISA has a maximum investment of £3,000.

The interest rate is payable on all accounts holding more than £1 - in contrast to many ISA’s, where the interest rate is staggered depending on how much is invested in the account.

“This is the best no catches cash ISA rate to hit the high street this year,” claimed Barclays product director Andrew Jones.

“Interest rates have been going up in recent months but until recently the best AER you could get on a cash ISA was below six per cent.”

Written Exclusively by AdFero for ISA Guides

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