Tax free savings account launched by National Counties Building Society

A new tax free savings account linked to changes in the Retail Prices Index (RPI) has been launched by a small building society in Surrey. National Counties Building Society is giving savers the chance to open a five year ISA paying an annual interest of 1% plus the changes in inflation as measured by the RPI. Customers must invest a minimum of £5,100 - the whole of the year's ISA allowance - and are not permitted to add any further capital to the account or withdraw any money until the term is completed in September 2015.