UK-based NatWest has launched a new internet-only individual savings account, which will pay interest at an annual equivalent rate of 6% that is guaranteed to match or better Bank of England Base rate until at least July 2009.
The new account can be opened with as little as GBP1. The 6% interest rate is backed by the longest base rate guarantee of all internet-based individual savings accounts (ISAs) currently available.
The account, which can be accessed through NatWest’s online banking service, will offer instant access with interest paid monthly. Customers will need to open a NatWest instant access account that will be used for any deposits or withdrawals from the e-ISA, with subscriptions subject to current cash ISA limits of GBP3,000 per tax year.
Elaine Hartley, head of retail savings and investments at NatWest, said: This e-ISA compliments our existing range of branch- and internet-based savings accounts, offering a highly competitive interest rate with the reassurance of a market-leading Bank of England base rate guarantee.