5-yr ISA holds on to chart place | Product News - Moneyfacts

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5-yr ISA holds on to chart place

5-yr ISA holds on to chart place

Category: ISAs
Date: 14/04/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Virgin Money has reduced the rates of selected savings accounts by up to 0.10%, but its five-year fixed cash ISA has retained its competitive edge and kept a place in the Moneyfacts charts.

The basics…

The five-year Fixed Rate Cash E-ISA Issue 119 now pays a competitive 2.25% yearly (2.23% monthly) until 15.5.20, which allows it to maintain its place among the top 10 accounts of its sector.

The finer details…

This account must be opened and operated online with a minimum 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 & shares ISAs are accepted. While withdrawals are not permitted, it is possible to access funds early upon the loss of 180 days' interest. The same penalty will also apply to transfers away.

For savers who do not want to manage their account online, a branch and postal-operated version of this ISA is also available.

Why we like it…

This ISA may have had a slight rate decrease, but this has not diminished its competitiveness in the fixed ISA market. Savers are still likely to be pleased by its competitive rate and the additional flexibilities of further additions, transfers in and a monthly interest option. The fact that early access is also possible is yet another bonus, although savers will have to bear the hefty penalty charge in mind.

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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