Virgin Money has increased the rate paid on its one-year ISA by 0.05%, allowing it to move up the Moneyfacts charts into a more competitive position.
1 Year Fixed Rate Cash E-ISA Issue 140 now pays 1.76% yearly (1.75% monthly) until 24.10.16, enabling it to sit comfortably among the top 10 accounts of its sector.
This account must be opened and operated online with a minimum investment of just £1.
Additional deposits are welcome for up to 30 days after an account has been opened and transfers in of existing ISAs are also permitted. Unusually for the fixed rate sector, early access to funds prior to maturity is allowed upon the loss of 60 days' interest, the same penalty as applies to transfers away.
Savers who would prefer not to manage their account online can opt for an alternative version of the ISA that pays the same rate but is post and branch-operated.
The rate boost to this ISA has sharpened its competitive edge, enabling it to move up the charts and secure a better position. Savers looking for a short-term home for their money are therefore likely to be attracted to this deal, which also offers a surprising amount of flexibility in terms of further additions and early access to funds. Those looking to secure a regular income will also like the option to select a monthly interest rate.
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 Any products featured may be withdrawn by their provider or changed at any time.
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