Coventry Building Society has unveiled a new five-year fixed ISA, which has marched straight into the Moneyfacts charts for its highly competitive rate and terms.
The five-year Fixed Rate ISA (30) pays 2.30% yearly until 31.5.20, which is just below the current market-leading rate.
This account can be opened and operated in branch, by post, by phone and online, offering savers the height of flexibility. A minimum investment of just £1 is required.
Additional deposits can be made while the issue remains open or for 14 days after the account is opened, whichever is longer. Transfers in of cash and stocks & shares ISAs for this tax year (2015-16) are also permitted, but transfers in of previous tax years are not. Unusually for the fixed rate market, early access is also possible; however, this is dependent upon closure of the account and the loss of 120 days' interest. This penalty also applies to transfers away.
This ISA offers savers not only an eye-catching rate, but also flexible management. The range of access options combined with the ability to make further additions and transfers of ISA savings from this tax year, as well as the option to access funds prior to maturity (albeit on closure and an interest penalty), makes this product a great all-rounder that will appeal to those looking for an account with limited restrictions.
Moneyfacts rating: Excellent
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