Marsden Building Society has unleashed a new two-year fixed ISA onto the market, earning an 'excellent' review for its eye-catching rate and terms.
The two-year Fixed Rate Cash ISA (Issue 42) pays tiered rates of interest depending on the balance: 1.75% yearly (1.74% monthly) is paid on investments of £5,000 up to £35,000, while investments of £35,000 and over earn a yearly rate of 2.00% (1.98% monthly) until 30.6.17.
This account can be opened in branch, by post and by phone with a minimum investment of £5,000. It can then be managed by post and phone.
Further additions can be made while the issue remains open and transfers in from other cash ISAs are also welcome. Withdrawals are not permitted, but it is possible to access funds prior to maturity by closing the account and forgoing 180 days' interest. This penalty also applies to transfers out.
Savers are likely to be intrigued by this offer thanks to both tiers offering competitive and attractive rates. The ability to transfer in existing cash ISAs and make further additions enhances the overall appeal, while the option to earn monthly interest adds another level of flexibility. However, savers must note that accessing funds prior to maturity carries a hefty penalty and will result in closure of the account.
Moneyfacts rating: Excellent
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