Barnsley Building Society Fixed-Rate Online Isa 'could quadruple earnings'

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Barnsley Building Society Fixed-Rate Online Isa 'could quadruple earnings'

Thu 29th Jul 2010

Savers signing up for the Barnsley Building Society Fixed-Rate Online Isa could earn four times as much interest on their money than on their current product.

This is according to research carried out by the firm - based on a £5,100 investment - which showed that consumers using this new three per cent interest arrangement could receive £216.75 between now and the end of 2011.

In comparison, the return on a cash Isa with an interest rate of 0.7 per cent would give £50.58 during that time.

Sarah Lawrence, senior product manager for savings at the firm, suggested people invest all of their Isa allowance in the Barnsley Building Society Fixed-Rate Online Isa in order to maximise their earnings.

"In the current low interest rate environment, I'd encourage savers to check the rate on their Isa accounts as shopping around for a better deal can really pay off," she said.

This month, the building society announced it will be offering mortgages at up to 90 per cent loan to value.

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