Clydesdale Bank: ISA investments increase

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Clydesdale Bank: ISA investments increase

Mon 27th Apr 2009

Clydesdale Bank has announced that it has seen the popularity of its ISAs grow recently, with the total amount deposited in the accounts increasing by around ten per cent.

According to the financial services provider, the increased popularity may be due in part to the introduction of a two-tier interest rate on ISA savings, which means that those with balances of more than £24,000 can now earn interest of two per cent.

Steve Reid, retail director at Clydesdale Bank, said: "Our cash ISAs are proving very popular not just with customers saving for the longer term, but also with those who prefer to have the safety net of having instant access to their money with us if they need it."

Recently, Alistair Darling announced that the government will increase the tax-free savings threshold offered on ISAs, a factor which may also be contributing to the growing popularity of the accounts.

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