Britons urged to 'boost their income' with 'excellent' tax-free savings account
Savers are taking advantage of soaring interest rates
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Britons are being reminded to "boost their income" via tax-free savings accounts which continue to offer competitive interest rates.
Moneyfacts has revealed its "Pick of the Week" and is highlighting the benefits of a savings product provided by West Brom Building Society.
The account in question is the financial institution's Double Access ISA (Issue one) which only offers a five per cent rate.
However, as an ISA, account holders are able to protect up to £20,000 from the tax man.
This ISA allowance can be used in one account or split across several others.
The term for the Double Access ISA ends of August 31, 2025 with the minimum opening amount being £1.
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Savers are being told to 'move quickly' for the best interest rates GETTYAccess to this particular is permitted by the building society.
However, lower rate of 2.70 per cent gross / AER yearly or 2.67 per cent gross / 2.70 per cent per cent AER will be paid if more than two withdrawals per year are made.
The account can be opened and managed online with the minimum applicant age of 16.
West Brom Building Society's ISA has been awarded an "excellent" rating by Moneyfactscompare.
Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, urged savers to "utilise their ISA allowance" to save as much money from HMRC as possible.
She explained: "The latest update from West Brom Building Society sees a re-launch of its Double Access ISA, which continues to pay five per cent yearly.
"The account takes a competitive place in its sector and may be an appealing option for savers who wish to utilise their ISA allowance.
"Additionally, the deal may appeal to savers looking to boost their income as there is a monthly interest option available.
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The Bank of England base rate has held interest rates at a 16-year high since it was hiked to 5.25 per cent last August GB NEWS"However, it is crucial that any withdrawals are considered carefully as a lower rate is paid if more than two are made per year. Overall, the deal earns an Excellent Moneyfacts product rating.”
Rachel Springall, a finance expert for Moneyfacts, previously broke down why savers may want to consider an ISA as opposed to a traditional savings account.
Springall said: "As variable rates can fall as well as rise, some savers may want to take advantage of a fixed rate bond or ISA for a guaranteed return if they are concerned interest rates will fall in the months to come.
"Whichever savings account consumers choose, it’s important they are aware of any restrictive criteria, keep on top of the best rates across the savings spectrum and proactively switch."
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