New Isa launched 'to encourage choices'
21/02/2007
A new individual savings account (Isa) has been launched by Marks & Spencer (M&S) Money to encourage greater flexibility for customers.
The new mini cash Isa is available as a fixed-rate product over a period of one, two and three years, with higher interest rates applicable depending on the length of the term.
"Our mini cash Isa has been extremely popular since its launch three years ago," explained Brendan Cook, chief executive of M&S Money. "We are now responding to customers who asked us for the option of guaranteed interest rates as well as the convenience of instant access variable rates."
He added that the new product would make it "easy" for customers to "make their own choices" in terms of interest rates and access guidelines.
Meanwhile, recent research from Intelligent Finance revealed that a growing number of consumers are choosing to switch Isa providers.
Some seven per cent of those surveyed by the online bank were planning to move their Isa to another provider over the course of the next 12 months.
Mark Parker, managing director of the firm, claimed that the shifting trend towards switching savings accounts shows that customers are now "voting with their feet".
The new mini cash Isa is available as a fixed-rate product over a period of one, two and three years, with higher interest rates applicable depending on the length of the term.
"Our mini cash Isa has been extremely popular since its launch three years ago," explained Brendan Cook, chief executive of M&S Money. "We are now responding to customers who asked us for the option of guaranteed interest rates as well as the convenience of instant access variable rates."
He added that the new product would make it "easy" for customers to "make their own choices" in terms of interest rates and access guidelines.
Meanwhile, recent research from Intelligent Finance revealed that a growing number of consumers are choosing to switch Isa providers.
Some seven per cent of those surveyed by the online bank were planning to move their Isa to another provider over the course of the next 12 months.
Mark Parker, managing director of the firm, claimed that the shifting trend towards switching savings accounts shows that customers are now "voting with their feet".
