Spotlight on: Coventry's poppy ISA

 

The deal

Coventry building society's new Poppy Isa launched today pays 2.6 per cent, and hands money over to charity.

Good points

Interest on Isas is paid tax-free, so the rate is a lot better than most standard deposit accounts, plus every year 0.1 per cent of the average balance will be handed over to the Royal British Legion.

Bad points

The rate includes an introductory bonus of 0.6 per cent, which means it falls to 2 per cent after a year. That will be time to consider switching away to a better deal.

Conclusion

You can stash £5,760 in a tax-free Isa in the 2013-14 year. The account is flexible in that you are allowed penalty-free withdrawals, and the charity aspect lifts it above other similar offers. However, you can't transfer cash from previous Isas.

Independent Partners; request a free guide on NISAs from Hargreaves Lansdown

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