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Fixed ISAs head to the top

Fixed ISAs head to the top

Category: ISAs
Date: 02/07/2015

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 It is now over 6 months old so the content may be out of date.

Virgin Money has increased the rate of its one-year ISA by 0.04% to push it up the Moneyfacts charts, as well as introducing a new two-year version that has taken the top spot in its sector.

The basics…

The two-year version of Fixed Rate Cash E-ISA Issue 131 pays a market-leading rate of 2.00% yearly (1.98% monthly) until 24.9.17, while the one-year variant (Issue 130) now pays 1.65% yearly (1.64% monthly) until 24.8.16, which allows it to move up the charts to sit just behind the market-leaders of its sector.

The finer details…

Both accounts are internet-operated and require a minimum investment of just £1.

Additional deposits can be made for up to 30 days after the accounts have been opened, and transfers in of both cash and stocks & shares ISAs are permitted. It is also possible to access funds early, subject to the loss of 60 days' interest for the one-year ISA and 90 days' for the two-year variant, the same penalties as apply for transfers out.

For savers who prefer not to manage their accounts online, branch and postal-operated versions paying the same rates are also available.

Why we like them…

These accounts possess highly attractive rates, with the two-year ISA in particular proving to be very competitive. Their appeal is boosted further by the considerable flexibility offered by both accounts: savers are likely to welcome the monthly interest option, the ability to contribute extra funds and the option of early access (albeit with an 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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