Inflation: Experts outline the impact on savings and investments
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With a competitive fixed rate, this ISA is offering one of the top rates currently available on the market. Savers of any profession, not just teachers, can open one of these ISAs.
Teachers Building Society (TBS) offers savings accounts to borrowers of all professions which fund low deposit mortgages for teachers.
By choosing to save with TBS, account holders are directly helping teachers buy homes, something the Society thinks is a reason to feel proud.
David Leek, head of sales, product and marketing at Teachers Building Society, said: “Whilst borrowers have benefited from a period of low interest rates, savers have had a harder time.
“We recognise that and want to reward those who save with us in the form of a top of market rate.”
Mr Leek continued: “Those who choose Teachers Building Society can also feel proud that by saving with us, they are directly supporting our core purpose, helping more teachers with smaller deposits take their first steps on the property ladder.”
Rachel Springall, finance expert at Moneyfacts, told Express.co.uk it’s a sign that 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.
“Fixed for two years at 1.75 percent, the deal is joint market-leading in its sector, with Close Brothers Savings paying 1.75% which launched just this week, and sits side-by-side with Gatehouse Bank’s fixed ISA that was improved just before the start of the new tax year and now pays 1.75 percent as an expected profit rate.”
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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 interest rate for this account is fixed until July 2024, so it can’t be changed during the fixed rate period.
The estimated balance at the end of the fixed rate period based on a £1,000 deposit would be £1,040.02.
This amount is based on the assumption that all terms and conditions for the account are met.
New 1.75 percent AER fixed rate cash ISA highlights:
- Fixed rate ISA, maturing on 16 July 2024
- Minimum balance £1,000, maximum balance £250,000
- Applications via post or online
- No withdrawals
- Early closure permitted subject to 180 days’ loss of interest
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The minimum opening balance for this account is £1,000 with a maximum investment of £250,000.
This account can be managed online or by post.
Withdrawals can’t be made during the fixed rate period.
People can apply on the Teachers Building Society website.
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