RBS launches competitive ISA deal
22nd September 2008
The Royal Bank of Scotland has launched a cash ISA which boasts a massive top rate of 7.25 per cent.
Alongside the new product, RBS also unveiled several additional savings accounts as well as an attractive deal intended to entice current ISA holders to switch banks.
Anyone looking to transfer their cash ISA to RBS will now receive a two per cent bonus for 12 months.
Based on a tiered system for savers, that means people who invest £24,000 or more with enjoy an overall gross AER of 7.25 per cent.
Those investing between £15,000 and £23,999 will earn 6.95 per cent, while customers saving between £9,000 and £14,999 will enjoy a rate of 6.65 per cent.
More moderate savers of £3,000 to £8,999 will be afforded a 6.45 per cent interest rate. Finally, anyone earning below £3,000 will be afforded the still-generous rate of 6.25 per cent.
The bank also unveiled a brand new two-year fixed-rate bond which pays 6.60 per cent APR, with a choice of either monthly or annual interest payments.