The Bank of Scotland has launched two ISA products for savers looking to invest before the end of the tax year.

A new cash ISA, offering a fixed rate of 3.15 per cent tax free, can be opened with £500, with interest paid on balances from £1.

Savers can place a maximum investment up to the current annual ISA subscription limit of £5,340.

In addition, transfers in allowed and must be received within 60 days of opening the new account.

While withdrawals are not permitted, the account can be closed early but savers will lose 90 days’ interest.

Meanwhile, the latest version of the bank’s Access Cash ISA allows withdrawals at no charge and pays a 2.75 per cent tax free return.

The interest rate includes an 18 month fixed bonus of 2.25 per cent, after which the variable rate without bonus will apply.

Savers can open this account with £1 up to the ISA limit and transfers in are also allowed.

Greg Coughlan, head of savings at the Bank of Scotland, said: “The new and improved Access Cash ISA and the Fixed Rate ISA provide savers with a range of competitive and flexible products that should suit their tax free saving needs.”

Both products are available online, by phone or in branch.

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