Bank of Scotland extends fixed rate ISA funding window
27 March 2014
In response to last week’s Budget, Bank of Scotland has made changes to its fixed rate ISA rules so that customers don’t miss out on the increased £15,000 NISA limit.
Current fixed rate ISA terms and conditions mean that savers have 60 days in which to fund their accounts. However, Bank of Scotland has extended this funding window to 180 days for customers opening their accounts in April, May and June*.
This means that a customer taking out a fixed rate ISA can benefit from tax free savings from the beginning of the tax year and still be in a position to top up to the £15,000 limit when it becomes available in July 2014.
When a customer switches their ISA to Bank of Scotland, they benefit from the Bank of Scotland ISA Promise, which means they will be paid interest on their savings from day one of their completed transfer application being received from other providers.
Andy Bickers, Savings Director at Bank of Scotland said, “It is important to Bank of Scotland that we help encourage more of a savings culture, so we are naturally delighted with the New ISA allowance. By extending the funding window, we have enabled savers to invest in our competitive ISAs from the very beginning of the tax year. They will also be able to use the full allowance when it becomes available in July 2014, and have the option of topping up their ISA well into September.
Customers who save with Bank of Scotland could be rewarded with more than just regular interest on their savings through the Halifax Savers Prize Draw. In May and June savers could win a top prize of £500,000 in the monthly prize draw, plus 3 savers could win £100,000. There are also 100 prizes of £1,000 and 1000 additional prizes of £100**.