Banks introducing new Isas 'early this year'

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Banks introducing new Isas 'early this year'

Mon 25th Jan 2010

Banks that are keen to get savers investing their cash in an Isa appear to be setting up new deals earlier than usual this year, according to Moneyfacts.co.uk.

While the number of available products does not normally peak until February, this year many of the major institutions have already released their new Isas.

The number of available Isas has more than doubled in the past year, with consumers now able to pick from 84 products, compared to 39 in 2009.

Michelle Slade, spokesperson for Moneyfacts.co.uk, said: "Isa savers will be further cheered as the increased cash Isa allowance of £5,100 is opened up to all savers from the start of the new tax year and not just the over 50s."

Individuals who choose to invest in with a building society may find they are receiving more interest than those who opt for a bank, after a survey by the price comparison site found that building societies provide greater consistency in the rates they offer than other institutions.

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