Virgin Money has reduced the rate on its one-year cash ISA by 0.05%, but despite this, it's managed to retain its place among the top 10 accounts of its sector thanks to its competitive terms.
Fixed Rate Cash E-ISA Issue 118 now pays a competitive 1.60% yearly (1.59% monthly) until 24.5.16, enabling it to remain within the Moneyfacts charts.
This account must be opened and operated online with an initial investment of just £1.
Further additions can be made for up to 30 days after the account has been opened and transfers in of both cash and stocks & share ISAs are welcomed. Savers also have the flexibility of accessing funds prior to maturity, although this will result in the loss of 60 days' interest, the same penalty as applies to transfers out.
For savers who do not wish to manage their account online, a branch and postal-operated version is also available.
Although this account has had a slight rate decrease, its status among similar accounts is undiminished. Its competitive rate, combined with the flexibility of a monthly interest option and the ability to make further additions and withdrawals, albeit on a loss of interest, ensures that this account will remain an attractive prospect for savers.
Moneyfacts rating: Excellent
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.