Britannia One-Year Fixed-Rate ISA launched

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Britannia One-Year Fixed-Rate ISA launched

A Britannia One-Year Fixed-Rate ISA has been made available today, with a rate set at five per cent annual equivalent rate for the opening period.

In order to take advantage of this year's tax benefits, savers must invest before April 5th 2006.

The company claims that if customers were to invest before this date and also utilise the next tax-year's allowance with the account, they could benefit from £6,000 of savings on which they pay no tax.

It was also asserted that the set rate on the Britannia One-Year Fixed-Rate ISA combines an element of stability with the tax advantage of individual savings accounts.

"With it being a fixed rate, it's similar to a fixed-rate bond which gives peace of mind that the rate won't drop. At the same time, it provides all the benefits of tax-free savings in a mini cash ISA," said Phil Stubbins, marketing manager at Britannia.

A minimum lump sum investment of £3,000 is required to open the account and customers are given the opportunity to make transfers from other ISA providers.

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