Fixed ISAs get 0.20% rate increase | Product News - Moneyfacts

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Fixed ISAs get 0.20% rate increase

Fixed ISAs get 0.20% rate increase

Category: ISAs
Date: 01/05/2015

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 It is now over 6 months old so the content may be out of date.

Nationwide Building Society has given selected savings accounts a welcome rate boost of up to 0.20%, pushing its one and two-year fixed ISAs into the Moneyfacts charts.

The basics…

1 Year Fixed Rate ISA now has a competitive top-10 rate of 1.60% yearly (1.55% monthly), while its two-year counterpart pays a yearly rate of 1.80% (1.75% monthly), which also earns it a place in the Moneyfacts charts.

The finer details…

Both accounts can be opened and operated in branch or online, although closures must be made in branch. A minimum deposit of just £1 is required.

Further additions are not welcomed but it is possible to transfer in existing cash and stocks & shares ISAs. Early access is allowed, but this will result in closure of the account and a penalty of 90 days' loss of interest for the one-year account and 180 days' loss for the two-year version. The same penalties apply to transfers out.

Why we like them…

Both of these bonds offer savers attractive rates, as well as a monthly interest option, which is sure to appeal to those who wish to secure a regular income. The ability to transfer in existing ISAs and access funds prior to maturity are additional bonuses. However, savers must remember that making withdrawals will result in closure of the accounts and a hefty interest penalty.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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