21st March 2014
Skipton Building Society has declared itself ‘NISA ready’ and commited to savers being able to make use of their full new ISA allowance of £15,000 in July, even if they lock into a fixed rate ISA at this year’s deadline.
Skipton will ensure all fixed rate ISA customers who subscribe from 6 April will be able to deposit their £5,940 current allowance and then top up to the new £15,000 subscription limit in July, ensuring they won’t miss out on the new allowance.
The 2014/15 Fixed Rate ISA customers will have a whole month-long period throughout July to top up their accounts to the new £15,000 limit. All easy access ISA customers who take advantage of their 2014/15 ISA allowance will also be informed of the increased limit in July to ensure they don’t miss out on the opportunity to save even more of their hard earned savings tax free.
Skipton’s head of products, Kris Brewster, says: “We have long campaigned on behalf of our customers for more simplification and fairness in tax-free savings. We welcomed this, the first budget to really address their plight in this historically low interest rate environment. Just 48 hours after the Budget, we are sending out the clear message that Skipton is fully committed to the New ISA and we will ensure our customers can take full advantage. It is simply the right thing to do for our savers.
“In what is usually unheard of in fixed rate accounts, savers in Skipton’s Fixed Rate ISAs for the 2014/15 tax year will be able to top up throughout the whole of July up to the new maximum NISA limit. As a building Society we pride ourselves on the excellent service and value that we offer our customers. Following these changes to the ISA allowances, we can send out a clear message which emphatically states we are NISA ready.
“We are delighted to be the first financial organisation to deliver a solid commitment to savers following the chancellor’s Budget announcement. It’s nothing less than our savers deserve.”