Barnsley Building Society has added a new savings account to the ISA range.
Their new one-year Individual Savings Account, announced last week on 23 June, is now available online at www.barnsley-bs.co.uk. Its 3.3 per cent interest rate is aimed primarily at those looking for a fast return rather than a long-term investment. “Many savers are feeling the pinch of the current climate,” said savings product manager Lynne Pepper, who hopes that her business’s new rate “will help them make the most of their savings.”
For those looking for the most tax-efficient deal and with no ISA open, or those whose ISA allows them to transfer their balance, this may be a good choice. In a climate where so many are neglecting their finances and 49 per cent of British workers, according to Scottish Widows, fail to save properly for retirement, offers like these are especially attractive.
Hargreaves Lansdown’s pension expert, Tom McPhail, has repeatedly addressed this point in recent weeks; most recently, he spoke to the BBC about the importance of savings for a comfortable retirement, having already warned consumers that “People today face a very simple choice, to save more, retire later or live on less in retirement.”
