Charity Bank has boosted its notice cash Isa to 2.5%, pushing it straight into Which?’s Best Rate tables. At 2.5%, it ranks third in our tables behind only National Counties BS 45-day Notice account and the Aldermore 30-day Notice Isa Issue 2.
The cash Isa savings account, which bills itself as the world’s first social Isa, is available by post only and can be opened with £250 or more. Transfers from other cash Isas can be made into the account.
If you want to save in the Charity Bank Isa, you are required to give notice of up to 33 days if you wish to make withdrawals. Interest is paid on the account once a year in December.
You can only hold one cash Isa in each tax year. If you already have a cash Isa for the 2010/11 tax year, you will need to transfer the whole balance into the the new Isa if you want to open a Charity Bank notice Isa before April 6.
Charity Bank is the only regulated UK bank that is also a registered charity. It is fully authorised and regulated by the Financial Services Authority (FSA) and deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).
It is also the only bank in the UK that uses depositors’ money solely to support charitable organisations. And its policy of publishing details of every loan it makes also appeals to customers demanding greater levels of transparency from the banking sector.
Which? Money Deputy Editor Nick Cheek said: ‘If you are looking to invest your money in a cash Isa which has a decent rate and also with a bank that invests its money in charities and other ethical community project and organisations, then you should definitely consider Charity Bank’s Notice Isa.’
Which? Savings Booster and cash Isa tables
Last November, Which? revealed that British savers are missing out on £12 billion a year because banks kept us in the dark about poor interest rates. To help savers and give them a quick and easy way to find out what interest their account is paying, Which? has created a free Savings Rate Booster. This unique tool covers the whole savings and cash Isa market and allows you to find out what interest your existing account is paying, compare it with the best on the market and start moving your money.
To find out how much extra interest you could be earning on your cash Isa savings, try out the Which? Savings Rate Booster now.
To go straight to the cash Isas paying the most interest, read our cash Isa reviews.
Budget 2011 Live Blog
The 2011 Budget on 23 March is set to have a profound effect on the British economy – but the measures announced by Chancellor of the Exchequer George Osborne will also influence your individual finances.
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