Newcastle Building Society introduced the innovative MaximISA facility six years ago, but given recent increases to allowances, changes in savings habits and customer feedback, the Society has re-launched the facility under the new name of CustomISA.
It is now supported with the addition of an online calculator that encourages savers to consider creating a deposit ISA portfolio that meets the full range of their savings needs.
CustomISAñ formerly known as MaximISA ñ was introduced in 2009 in response to the very limited options and flexibility most ISA providers offered for cash savings. For instance, many savers faced problems in having to decide on taking one ISA product over another, often sacrificing perhaps rates on their product for more favourable access terms.
This facility, which was one of the first of its kind, offers savers the opportunity to split their annual ISA allowance across a number of the Societyís tax-free savings products enabling members to customise their ISA to their own requirements. And, all while still coming under the ëone ISA umbrellaí.
This allows, for instance, ISA investors to split their money between any number of products providing flexibility in access and term, even allowing for regular savings products to be included in the mix.
A great example of this would be the saver who has three main savings needs: maximise the return on a proportion of funds that they do not need access to in the short term, to save on a regular basis for a major event i.e. house deposit and to keep some savings easily accessible in case of an emergency.
In this example, CustomISA would allow a saver to put away a proportion of funds in a five year fixed rate to maximise the return, use the Big Home Saver ISA in order to help to save for the home deposit and the Sir Bobby Robson Foundation ISA could be used for the emergency funds which can be accessed penalty free.
Given the increase in ISA allowances in July 2014 to £15,000, it is more important than ever for people to make the most of their tax free savings.
NBS has gone one step further to help savers. Following customer feedback, it has introduced a CustomISA Calculator, which allows savers to create their perfect portfolio of cash ISA products, whilst being able to see the impact on returns.
Steve Urwin, Managing Director Sales and Marketing, NBS, said: ìWe have had the MaximISA facility for six years but were keen to develop it even further and after customer feedback this has resulted in us renaming it. We believe the CustomISA name better describes the improved facility we can now offer to customers and combined with the use of our CustomISA Calculator, it helps savers assess their plans based on their Individual needs.
ìThe new calculator launched by the Newcastle shows the average interest rate that can be achieved for balances spilt across a choice of products so savers can make an informed decision on how best to save.î
The CustomISA Calculator also shows:
o product specific interest rates of currently available products
o Indicative interest earned in the tax year and overall interest over the full term of the products held
o how a customerís savings and allowances can be split over a series of features, such as access, period of product etc and will help investors see if they are saving in the best way for them.
For more information about CustomISA please visit Newcastle Building Society’s website.
Make the most of your money by comparing Cash ISAs with MoneyExpert.com.