Post Office Money has increased the rates of selected savings products by up to 0.25%. One of the deals to benefit was its easy access ISA, which has moved into a comfortable spot on the Moneyfacts charts as a result.
Premier Cash ISA Issue 10 now pays a competitive rate of 1.50% yearly, which includes a 0.85% bonus for 18 months. Savers should therefore be prepared to reassess this account's competitiveness in 18 months' time when the bonus rate expires.
The finer details…
This account can be opened in branch and by post with a minimum investment of £100. It can then operated by post and by phone, although savers should note that access is via a nominated account.
Further additions are permitted at any time (including in branch) and it is also possible to transfer in existing cash and stocks & shares ISAs. Withdrawals are permitted without any notice required; however, only two withdrawals are allowed per tax year, after which the account will be closed or transferred. Transfers away, on the other hand, have no penalty.
Why we like it…
The rate increase to this ISA has enhanced its competitiveness and allowed it to take a coveted spot in the charts. The fact that it allows unlimited additions and also permits transfers in gives it some welcome flexibility. The lack of a notice period to access funds is also an advantage, and provided savers plan their withdrawals carefully to abide by the restrictions, this will be a very appealing choice.
Moneyfacts rating: Excellent
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