Skipton Building Society has increased selected savings rates by up to 0.30%, allowing its two and five-year fixed ISAs to scale the Moneyfacts charts.
2 Year Fixed Rate ISA now pays 2.00% yearly (1.98% monthly) while its five-year counterpart pays a yearly rate of 2.30% (2.28% monthly), enabling both to move into the top five of their respective sectors.
These accounts can be opened and operated online, in branch and by post with a minimum deposit of £500.
Additions and transfers in of cash and stocks & shares ISAs can be made while the issues remain open, and it is also possible to access funds early upon closure of the accounts and the loss of either 180 or 365 days' interest depending on the term chosen. Transfers out will also incur this penalty.
The rate increases to these ISAs have shored up their chart positions, something that is sure to increase their popularity among savers. The option of monthly interest and the ability to add funds for a limited period of time further enhance their appeal, as does the option to access funds early. However, savers must bear in mind that withdrawing funds will lead to closure of the accounts and a hefty interest penalty.
Moneyfacts rating: Excellent
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