Major building society launches quirky new Isa with a 4.12% rate
The building society has launched an 'annual allowance' cash Isa which pays a 4.12 per cent rate in an attempt to get customers to use their Isa allowance early rather than rushing to use it up at the end of the tax year.
Skipton said it launched the new Isa after seeing how many customers typically wait until the end of the tax year to use their Isa allowance.
There's no set deadline to get funds in the Isa though, once the account is open customers can deposit this tax year's Isa allowance into the account up until the end of the tax year.
There is a catch in that the new Isa only permits current year subscriptions and does not allow Isa transfers in from other providers or previous tax years.
Alex Sitaras of Skipton Building Society said: 'While the deadline runs until April 2026, this competitive rate gives customers a great opportunity to start benefiting from their tax-free savings sooner rather than later.'
It comes as Skipton saw a 45 per cent jump in the number of cash Isas opened between 23 June to 30 June as savers rushed to stuff Isas with cash ahead of rumoured rule changes that the cash Isa allowance would be slashed from £20,000.
This plan was put on pause by the Chancellor last week after a furious backlash from savers and industry figures.
Sitaras saud: 'The decision to keep the cash Isa limit the same is a big win for savers and we look forward to continued consultation from the government on future Isa changes.
Customers can transfer current year Isa subscriptions from other Skipton Isas - but only if all of the funds held in the account were paid in during the current tax year. It is not open to older Isa contributions.
Anyone can open the annual allowance Isa and you don't have to be a Skipton Building Society member to open one.
It's not the best rate on the market as other Isas pay close to 5 per cent.
The best easy-access Isa pays 5.44 per cent and is offered by CMC Invest. This Isa comes with a bonus rate of 0.85 per cent for three months, after which the rate reverts to 4.59 per cent.
Meanwhile Plum and Trading 212 offer easy-access cash Isas paying 4.98 per cent, though Plum only allows three free withdrawals before the rate is cut.
There is no short term bonus on Skipton's annual allowance Isa that drops off after a few months and money is easily accessible without restrictions.
The rate is variable so it could drop or rise depending on the savings market.
The account can be opened online, though Skipton's app, by email, over the phone or in a branch.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Telegraph
12 minutes ago
- Telegraph
Starmer's EU reset to drive up cruise prices
Holidaymakers face paying more for cruises and ferry trips to the Continent under Sir Keir Starmer 's reset deal with the European Union. Passenger services are set to increase ticket prices in response to the UK adopting Brussels' rules on emissions costs. Industry insiders warned price rises were likely to mirror those in Europe, where costs on some routes have gone up by more than 10 per cent. This could add as much as £200 to the cost of a seven-day cruise, where a cabin can cost as much as £2,000 at the higher end. Some of the changes will come into force just before the height of next summer, when millions of Britons head to the Continent. Ministers announced last week that they would press ahead with expanding onerous net zero commitments to the maritime industry. From next July all shipping firms, including ferry operators and cruise liners, will be subject to the UK's emissions trading scheme (ETS). The move comes after Sir Keir agreed to link the UK and EU schemes as part of his Brexit reset deal, which was signed in May. It means ministers will set an overall cap on emissions for the maritime industry, with individual companies handed permits setting out how much greenhouse gas they can emit per year. If a business wants to go over its allowance, because demand for services is high, it will have to buy unused permits from another company. Over time the Government will lower the overall carbon cap in an effort to force shipping companies to reduce their emissions. Initially the UK ETS will only cover emissions from sea journeys made between British ports. But ministers have said they then intend to expand it to include international journeys, matching the approach taken by the EU. Companies are poised to pass on the cost to passengers of complying with the policy, including the need to adopt more expensive green technology. The EU Commission has admitted that its ETS scheme, which was expanded to cover shipping a year ago, has resulted in passenger lines putting up ticket prices. In a report assessing impacts of the first year of the scheme, EU officials wrote: 'There is evidence of specific ETS surcharges being applied on short sea shipping routes. 'An analysis of various ferry routes suggests that the impact of ETS costs on ticket prices largely varies across routes selected, with a price increasing ranging from 3 per cent to 11 per cent.' The same report also said that the scheme had introduced freight costs by between one per cent and five per cent and overall shipping costs across the industry by an average of 3.7 per cent. If replicated in Britain those figures would come as a concern at a time when the Government is struggling to keep a lid on inflation. Shipping industry figures said that UK holidaymakers were likely to experience a 'similar impact' on passenger ticket prices to that seen in the EU. One said that they had 'no doubt' that ferry operators would have to increase surcharges on Britons to recoup the extra costs. Another added: 'Inevitably there will be a cost increase to the cruise lines, therefore that money will have to come from somewhere.' Some businesses are concerned that the UK has rushed out its proposals to please the EU rather than waiting for a new international agreement on maritime emissions later this year. They fear that if the standards set by the International Maritime Organisation are less stringent, British firms will be left shouldering higher costs than international competitors. Andy Harmer, the managing director of the Cruise Lines International Association in the UK and Ireland, said: 'The cruise industry contributes £5.8bn to the UK economy, with over a third of the global cruise fleet visiting UK ports each year. 'To maintain and sustainably grow the more than 60,000 UK jobs that depend on the cruise industry, the UK's ETS system must be aligned with international counterparts and not risk the UK's competitiveness in the international cruise market.' There are also concerns that the Government's plans could wreak havoc on 'lifeline' island ferry services which are used by 2.4 million Britons every year. Such routes are vital to island dwellers, such as on the Isle of Wight and the Scilly Isles, who rely on them for access to the mainland for healthcare, education and essential goods. The UK Chamber of Shipping is urging ministers to exempt such services from the scheme amid warnings it could push up their fuel costs by almost a third, making many unviable. The Net Zero Department said that linking with the EU's emissions scheme would help British businesses avoid being hit with a new carbon border tax Brussels is introducing next year. A spokesman said of the EU Commission analysis: 'These figures do not apply to the UK and do not reflect that any costs come down as emissions are cut. 'By linking with the EU scheme, we will also cut red tape at the border, protect consumers from higher costs and make it easier for businesses to trade, boosting economic growth at home.'
Telegraph
36 minutes ago
- Telegraph
Ed Miliband eyes battery bonanza to cut wind farm costs
Ed Miliband will plough hundreds of millions of pounds into battery storage technology as the cost of ordering wind farms to shut down spirals out of control. GB Energy, which is backed by the taxpayer, will use a chunk of its newly minted budget to invest in energy storage systems as households and businesses are forced to foot the bill to prevent the creaking power grid from getting congested. More than £700m has been spent so far this year on switching off wind farms to avoid overloading the grid as well as firing up alternatives to keep the lights on. This is up from about £450m over the same period in 2024, with the money ultimately coming from energy bills. Officials are also keen to ensure clean power remains reliable during periods of high demand. An industry source said: 'How do you get around the fact that the wind blows one day, doesn't blow the next? They have to keep switching off the turbines because they can't store the energy. GB Energy think they've got a role to play in trying to fund the innovation.' The Energy Secretary is presiding over the drive as part of a £4bn push by GB Energy into emerging technologies. The push into battery storage technology is understood to be one of GB Energy's three big priorities, with half its £4bn innovation budget being deployed to bring more of the UK's net zero supply chain onshore. The Government is hoping to create hundreds of new jobs in areas such as Scarborough, North Yorkshire, which is reinventing itself as a service hub for the offshore wind industry. Experts say large amounts of energy storage will be needed for net zero, as countries move away from readily dispatchable gas or coal-fired power stations to intermittent sources such as wind and solar farms. More storage on the grid should also help to prevent situations where grid operators are forced to pay wind farms to switch off when the network is too busy to accept their power. Instead, battery operators would be able to snap the electricity up cheaply and store it for later. There is particular need for so-called long-duration storage that can be deployed over weeks rather than days to counter periods of 'dunkelflaute', when cloudy skies and stagnant wind conditions reduce the output of renewables. Under Mr Miliband's plan for a clean power system by 2030, the amount of long-duration energy storage is expected to rise from about three gigawatts today to between four and six gigawatts – enough to power millions of homes. Traditional lithium ion batteries are not ideal for this owing to their high cost and relatively short-term output, as well as degradation over time and the large numbers that would need to be built. Possible alternatives include 'flow' batteries, which store energy in liquid electrolytes, pumped hydro storage, compressed air storage, heat storage such as thermal bricks or molten salt, and caves that can be used to store hydrogen. The push into battery storage technology comes after Mr Miliband abandoned controversial plans to charge southern households more for electricity than those in the North amid a backlash from wind farm owners. Advocates claimed that zonal pricing would also have cut bills for all households overall by removing the need for £27bn of grid upgrades and axing the payments made to wind farms to switch off. Wind turbines have been built faster than grid capacity over the past decade, leaving Britain's infrastructure struggling to move electricity from Scottish wind farms to where it is needed in the South. A spokesman for GB Energy said: 'Long-duration energy storage is vital to a clean, secure, and affordable energy future for the UK. 'GB Energy sees opportunity to invest in both proven technologies like pumped hydro and emerging innovations such as flow batteries and liquid air storage. By stepping in early, we can unlock private capital, accelerate delivery, and back British supply chains.'
The Sun
42 minutes ago
- The Sun
Shoppers go mad for £20 furniture from B&M that doubles up as organisation for your plants
SHOPPERS are going wild for a £20 item at B&M which doubles as a set of shelves and a stand for your plants. The budget-friendly retailer says that the stocks are low, as customers race to their local stores. 3 B&M is known for its incredible savings and bargains, with its products regularly going viral online. One eagle-eyed shopper spotted the Spaceways 6 Tier Plastic Storage stack in their local store and immediately took to social media to share their find. The huge set of shelves can be ranged in a variety of ways, from three separate stands to one tall stack. It is perfect for storing pictures, plants or books and has dimensions of 38.5 x 33 x 151cm. The shelf comes in black and, according to B&M, it is 'easy' to assemble. The set costs just £20, but, according to B&M, stocks are low. The customer who spotted the item posted their find in Extreme Couponing and Bargains UK group on Facebook and shoppers from across the country have gone wild. One excited Facebook user posted: 'ooop need this for plant pots!!!!' Another said that they loved the original poster's way of setting their shelves up, saying: 'Ooooo I like how you've put it together. Fab idea. I want one now.' Others had creative ideas of their own, with one clever shopper saying: 'This could be good to use as shelving in a shed.' Shoppers are racing to B&M for Molly-Mae's latest collection & there are some incredible scents for less than a fiver The news comes after another wave of B&M's products went viral on social media. The Boucel Barstool in Beige is currently retailing for just £1, instead of the usual price of £20. According to one customer though, only the beige barstool is on sale - meaning fans are racing to shops before it sells out. B&M regularly slashes the price of its products, as it clears out its stock to make room for exciting new products. The Peyton Leather Effect Bench is now half price at £45, down from £90. The Chicago table is currently selling for just £40, after being reduced from £110 - a 63 per cent saving. The set also includes two benches, making it a great choice for fine dining. Asda has launched its luxury table and chair set, with the rattan garden-set. The sell-out product costs £149 and comes in a light, summery design which makes it perfect for enjoying the warmer weather. Meanwhile, Tesco's own rattan-set is retailing for just £16 as it clears its shelves. Originally costing £25, the supermarket has slashed £9 off the cost of the popular garden product. When comparing products, it is important to check the specifications so you buy the item that is best suited for your purposes. COMPARE PRICES FOR THE BEST DEAL JUST because something is on offer, or is part of a sale, it doesn't mean it's always a good deal. There are plenty of comparison websites out there that'll check prices for you - so don't be left paying more than you have to. Most of them work by comparing the prices across hundreds of retailers. Here are some that we recommend: Google Shopping is a tool that lets users search for and compare prices for products across the web. Simply type in keywords, or a product number, to bring up search results. Price Spy logs the history of how much something costs from over 3,000 different retailers, including Argos, Amazon, eBay and supermarkets. Once you select an individual product you can quickly compare which stores have the best price and which have it in stock. Idealo is another website that lets you compare prices between retailers. All shoppers need to do is search for the item they need and the website will rank them from the cheapest to the most expensive one. CamelCamelCamel only works on goods being sold on Amazon. To use it, type in the URL of the product you want to check the price of. 3
