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This “great rate” is available on savings up to £250,000 and would mean an attractive return of £5,875. The minimum investment is £1,000.
Teachers Building Society (TBS) is increasing the rate on its two year fixed rate cash ISA with effect from July 6, 2022.
The two year fixed rate ISA now offers a rate of 2.35 percent interest and is available to everyone, not just teachers, who are looking to benefit from tax free savings.
TBS was founded in the 1960s and helps teachers get onto the property ladder.
It does this by using collective savings balances to balance the funding of low deposit mortgages for teachers so they can buy a home.
David Leek, head of sales and marketing at Teachers Building Society, said: “As a mutual firmly focussed on getting teachers onto the property ladder, offering attractive rates for savings is as important to us as it is to our members.
“Like all building societies, we use the collective deposits of savers to support us in funding mortgage lending.
“But we’re different to other providers because saving with us helps teachers buy homes.
“Put simply, the more savers we have, the more low deposit mortgages we can lend to teachers and given the current housing market challenges we’re determined to help as many teachers as possible.”
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The Bank of England Monetary Policy Committee voted to increase the Bank of England base rate from one to 1.25 percent in June.
Following the interest rate rise, this ISA is one of the top rates currently available on the market.
In addition, it offers savers the knowledge that their money is being put to good use.
Mr Leek added: “By opening an ISA with us savers are not just getting a great rate, they’re getting an account with a bonus social purpose, doubling the feel good factor.”
The Teachers Building Society ISA offers:
- 2.35 percent AER fixed rate maturing on August 14, 2024
- Minimum balance £1,000, maximum balance £250,000
- Applications can be made online
- No withdrawals; early closure permitted subject to 180 days’ loss of interest
- Transfers from other providers accepted
- Increased again this month as the Bank of England increased interest rates another 0.25 percent.
Rachel Springall, finance expert at Moneyfacts, recently told Express.co.uk the savings market is improving.
She said: “It’s fantastic to see rate competition within the ISA market for savers looking to utilise their tax-free allowance and this new deal from Teachers Building Society is incredibly attractive.
Ms Springall added: The savings market is improving so we could see rates increase further in the weeks to come, so this is worth keeping in mind.”
The minimum opening balance for this account is £1,000 with a maximum investment of £250,000.
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