RBS launches new ISA

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RBS launches new ISA

The Royal Bank of Scotland (RBS) has announced the launch of a new individual savings account (ISA).

According to the bank, its new Cash ISA Plus product is "attractive" as it offers an annual rate of interest of 3.51 per cent.

The new savings account, which can be opened with a deposit of just £1, will pay interest annually but is only available to customers who already have an RBS instant access savings account or an RBS current account.

RBS said in a statement: "RBS is also offering existing customers an additional bonus of 1 per cent for 12 months on [balances over] £7,200 when they fully subscribe to their Instant Access Cash ISA for both the 2008-09 and 2009-10 tax years by April 30th."

Recently, the former head of RBS Sir Fred Goodwin was called before a committee of MPs to answer questions about his culpability for the recent banking crisis.

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