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"Impressive" new cash Isa launched by Barclays

Published: 10/03/2009

A new table-topping cash Isa has been launched by Barclays, offering customers a 3.61 per cent AER.

The tax-free savings account, which offers 3.55 per cent gross, was welcomed as an "impressive" offer by Andrew Hagger of Moneynet.co.uk.

Savings account rates have been severely damaged over recent months by interest rate reductions from the Bank of England - which now lends money at just 0.5 per cent, an all-time low.

This time last year, top-rated Isas were returning over six per cent to customers, compared to a Bank of England rate of over five per cent.
"Savers have been short on good news for the last six months, so this deal may bring a much needed smile to a few faces," Mr Hagger commented.

However, the rate offered by Barclays could still drop, thanks to future rate cuts from the Bank - and transfers in from other Isas are also not permitted by the account.

"It would have been a great opportunity to drag in some much needed retail money, in some cases of up to £40,000 per time from previous Isa allowances, however perhaps Barclays can only afford to offer such an attractive rate knowing that maximum balance will be restricted to £3,600," Mr Hagger added.ADNFCR-8000123-ID-19066260-ADNFCR

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