Savers Offered ‘Best-in-Class’ Interest Rate Through New Teachers Building Society ISA Account | Personal finance | Finance
With a competitive fixed rate, this ISA offers one of the best rates currently available on the market. Savers from any profession, not just teachers, can open one of these ISAs.
The Teachers Building Society (TBS) offers savings accounts to borrowers of all professions who fund low deposit mortgages for teachers.
By choosing to save with TBS, account holders directly help teachers buy homes, which the Society considers a reason to be proud.
David Leek, sales, product and marketing manager at Teachers Building Society, said: “While borrowers have benefited from a period of low interest rates, savers have had it harder.
“We recognize this and want to reward those who save with us in the form of an above-market rate.”
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Mr Leek continued: “Those who choose the Teachers Building Society can also be proud that by saving with us they are directly supporting our main goal, helping more teachers with small deposits to take their first steps on the ladder. of the property.”
Rachel Springall, finance expert at Moneyfacts, told Express.co.uk it’s a sign the savings market is improving.
She said: “It’s fantastic to see the rate competition in the ISA market for savers looking to use their tax-free allowance and this new arrangement from the Teachers Building Society is incredibly attractive.
“Fixed for two years at 1.75%, the deal is co-market leader in its sector, with Close Brothers Savings paying 1.75% which launched this week, and sits side-by-side with the ISA Gatehouse Bank fixed rate which was upgraded just before the start of the new tax year and now pays 1.75% as the expected profit rate.”
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Ms Springall added: ‘The savings market is improving, so we could see rates rise further in the coming weeks, so keep that in mind.’
The interest rate for this account is fixed until July 2024, so it cannot 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 account conditions are met.
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 mail.
Withdrawals cannot be made during the fixed rate period.
People can apply on the Teachers Building Society website.