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Sep 2013

Cash ISA rates roundup – September 2013

As autumn 2013 approaches, it might be a good time to review your current cash ISA choices in order to ensure that your tax-efficient savings and investments are still working hard for you during the second half of this tax year. With the halfway point of the 2013-14 tax year rapidly approaching, we take a look at some of the latest cash ISA options available right now:

Cash ISAs

  1. Instant access - One of the top instant access cash ISA on the market right now is the Nationwide Easy Saver ISA, which offers a rate of 2.00% AER/variable, including an introductory bonus that's fixed until 30 November 2014. The minimum deposit required is £1, and you'll need to be an existing nationwide customer (or open a new account with Nationwide) in order to take advantage of this cash ISA offer.
  2. Fixed rate - Aldermore offers a selection of fixed rate cash ISA offers ranging in duration from one to three years. The 1 year plan offer 1.85% AER/fixed, the 2 year plan offers 2.00% AER/fixed, and the 3 year plan offers a rate of 2.25% AER/fixed. All three cash ISA options require a minimum opening deposit of £1,000

Fixed Rate Cash ISA Alternatives

Current fixed rate deals are fairly uncompetitive, and many savers are looking towards structured investment plans as a home for their cash ISA allowance. This type of savings plan could potentially offer a viable alternative to traditional fixed rate bonds. Structured Deposit ISAs combine capital protection with the opportunity to gain a return that's linked to an Index (usually the FTSE 100). However, as the returns are linked to an Index, they are not guaranteed.

  1. Income - For those looking for income, Investec currently offers a Target Income Deposit Plan which could provide a potential annual income of 5%, which is paid if the FTSE 100 finishes above 90% of its starting value. The plan is capital protected, but returns are not guaranteed and you may only receive a return of your original capital.
  2. Growth - For those looking for growth, the Investec Deposit Growth plan offers a fairly low minimum deposit of £3,000, which offers the potential to return 120% x any rise in the FTSE 100, with no upper limit. Growth in the Index is measured by comparing the Final Index Level to the Initial Index Level. If, at maturity, the Final Index Level is equal to or lower than the Initial Index Level you will not receive a return, but your original capital will be repaid.

Both these plans are open for ISA transfers until 13 September 2013,or for direct and ISA investment until 27 September 2013, so you will need to act fast if you want to take advantage of either of these cash ISA options. Click here to find out more about Fixed Rate Cash ISA Alternatives.

*Data correct as of 10/09/2013

Tax treatment depends on individual circumstances and may be subject to change in the future.

No news, feature article or comment should be seen as a personal recommendation to invest. If you are in any doubt as to the suitability of a particular investment you should seek independent financial advice.

These are structured deposit plans that are capital protected. There is a risk that the company backing the plan or any company associated with the plan may be unable to repay your initial investment and any returns stated. In this event you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS), depending on your individual circumstances. In addition, you may not get back the full amount of your initial investment if the plan is not held for the full term. The past performance of the FTSE 100 Index and any of it shares is not a guide to its future performance.

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