Halifax has increased the rates of its two and five-year fixed ISAs by up to 0.50%, enabling both deals to improve their positions in the Moneyfacts charts.
2 Year ISA Saver Fixed now pays 2.00% yearly (1.98% monthly), which makes it the joint market-leader in its sector. Meanwhile, its five-year counterpart pays 2.15% yearly (2.13% monthly) to take a comfortable place in the charts.
These accounts can be opened and operated in branch, by phone and online with a minimum investment of £500.
Additional deposits can be made within the first 60 days after an account has been opened and transfers in of existing ISA savings are also permitted. Savers will be pleased to note that early access is also possible, although this will result in closure of the account and the loss of 180 days' interest for the two-year ISA and 365 days' interest for the five-year variant. These penalties will also apply to transfers away.
The rate hikes to these accounts has sent them soaring up the charts, with the two-year version proving to be particularly competitive. Savers are likely to be enticed by the additional flexibilities offered by a monthly interest option, a 60-day window to contribute extra funds and the possibility of early access. However, they must bear in mind that making a withdrawal will result in closure of the account and a hefty interest penalty.
Moneyfacts rating: Excellent
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