Julian Hodge Bank has made a slight rate reduction to selected savings accounts, but its one-year fixed ISA has maintained a place among the top 10 accounts of its sector thanks to its competitive terms.
1 Year Fixed Rate ISA now pays a competitive 1.60% yearly, which allows it to remain on the Moneyfacts charts. Savers should note that interest must be compounded.
This account can be opened in branch and by post, but it must then be managed by post. An initial deposit of at least £5,000 is required.
Although no further additions are permitted once the account is open, it is possible to transfer in existing ISA savings, provided they are of a minimum of £5,000. Savers are also allowed to access funds prior to maturity, although this will result in closure of the account and an interest penalty. This penalty will also apply to transfers away.
Despite the rate decrease, this ISA remains a competitor in its sector. Savers are likely to welcome the fact that they can transfer in existing ISA savings, which adds some welcome flexibility. Being able to access funds prior to maturity is also a bonus, although savers must bear in mind that making a withdrawal will result in closure of the account and an interest penalty.
Moneyfacts rating: Excellent
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