Virgin Money has reduced the rate of its one-year cash ISA but it has remained in the Moneyfacts charts thanks to its competitive rate and terms.
1 Year Fixed Rate E-ISA Issue 124 now pays 1.51% yearly (1.50% monthly) until 24.6.16, enabling it to stay among the top 10 accounts of its sector.
This ISA must be opened and operated online with an initial investment of just £1.
Additional deposits can be made for up to 30 days after the account has been opened while transfers in of existing cash and stocks & shares ISAs are welcome. It is also possible to access funds prior to maturity upon the loss of 60 days' interest, a penalty that will also apply to any transfers away.
A branch and postal-operated version of this account paying the same rate is also available if savers would prefer not to manage their account online.
This account may have had a slight rate discount but it still offers savers a competitive top-10 rate. In addition, it also offers considerable flexibility with further additions, transfers in, monthly interest and early access prior to maturity all permitted. However, savers must remember that making a withdrawal will result in a penalty of 60 days' loss of interest.
Moneyfacts rating: Excellent
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