Newcastle Building Society launched a new single-access ISA this week paying a five percent interest rate, earning an “excellent” Moneyfactscompare rating.

Savers need just £1 to launch the account and interest is paid on the anniversary of opening.

The new ISA deal came ahead of the new tax year, which starts today (April 6). This marks the restart of savers’ £20,000 tax-free ISA allowance.

Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said:…