Egg Cash ISA pays an interest rate of 6.05% gross p.a./AER variable
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Customers apply for the ISA via the internet and can open an account with as little as £1. Savers can use a variety of deposit methods, including debit cards and direct debit to save up to a maximum of £3,000 for the 2007/2008 tax year, rising to £3,600 for the 2008/2009 tax year.
In contrast to some other high-interest Cash ISAs, Egg’s does not come with restrictions such as only being available to existing customers. The Egg Cash ISA allows customers to make minimum withdrawals of £1 with no notice period.
Tobias van der Meer, Head of Consumer Banking and Investmentsat Egg said:
“Our Cash ISA offers a very competitive rate of interest with no catches. There are a number of attractive headline rates in the market, but savers need to be aware of the conditions associated with many of these products. Some rely on short-term bonuses to boost their headline rate and others act as a carrot to entice people to invest in other products.
“With our Cash ISA, we wanted to not only provide an attractive headline rate, but also be transparent in our offering and make it easy for people to open – the online application process takes just minutes. Hopefully, this will encourage more people to take out a Cash ISA early in the new tax year and take full advantage of a highly competitive and tax-free interest rate.”
Egg Cash ISA benefits and features
- Subscribe anything from £1 to £3,600 each tax year (from 6 April 2008)
- Make a one-off deposit regular payments or just add to it when you want to (existing ISAs cannot be transferred in)
- Set up online in minutes
- Keep track of it online anytime 24/7
- Get a rate that’s guaranteed to at least match the Bank of England base Rate until 5 April 2009