A UK building society has relaunched a pair of Cash ISA products offering between 4.20% and 4.25% returns after they proved "popular" with customers. Teachers Building Society (TBS) has announced is bringing back two single access Cash ISA products, one open to savers in any profession, and another exclusively for teachers with slightly better rates to reward people working in education.
These accounts were last offered in December last year, and the firm says they were so popular with savers the tranche sold out. Single Access Cash ISA for Everyone offers one withdrawal per year without notice and pays 4.20% tax-free p.a./AER variable. Meanwhile, the Single Access Cash ISA for teachers also offers 1 withdrawal per year without notice but pays 4.25% tax-free p.a./AER variable.
In both cases, the minimum opening balance is £100. Customers must be over 18 and UK resident to open either of the accounts.
The total maximum investment is £250,000 (subject to HMRC limits) and if more than one withdrawal is made within a 12 month period the rate drops to 1.25% tax-free p.a./AER variable.
Both accounts accept transfers in from other providers. You can apply on their website.
David Leek, Teachers Building Society's Chief Commercial Officer, said: "Our limited access Cash ISA range has proved really popular with members, so we've re-introduced a single access option for the new tax year paying a higher rate.
"For savers who think they might want to access their savings more frequently we continue to offer Cash ISA options allowing more withdrawals per 12 months in exchange for a slightly reduced rate, as well as an option with unlimited easy access.
"This is the last tax year when all savers can chose to save up to £20,000 in a Cash ISA, with new rules limiting new Cash ISA contributions to £12,000 per person for those aged 64 and under from the 2027/28 tax year onwards.
"As such we wanted to offer a Cash ISA option that has proved popular in the past for those looking to maximise this year's allowance at the very start of the tax year.
"Those who choose Teachers Building Society can also benefit from knowing that by saving with us, they are choosing an organisation whose values are rooted in social purpose."
He added that the building society uses savings "to fund mortgages which means those who save with us are directly helping more teachers buy their first home".
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