Virgin Money has reduced rates on selected fixed rate deals, but despite this, two of its ISAs retain their coveted chart places thanks to their enduring appeal.
Fixed Rate Cash E-ISA Issue 161 now pays 1.60% yearly until 24.2.17, while its five-year counterpart (Issue 163) pays 2.20% yearly until 24.2.21, both of which are top 10 rates for their respective sectors. Both accounts also offer monthly interest options paying slightly reduced rates for those wishing to supplement their regular income.
These internet-operated ISAs require initial investments of just £1, and accept transfers in of both cash and stocks & shares ISAs. Further additions are permitted for up to 30 days after the accounts have been opened, and unusually, withdrawals are also permitted, although this will result in the loss of 60 days' interest for the one-year ISA and 180 days' loss for the five-year version. Transfers out will incur the same penalties.
For those who would prefer to manage their account offline, versions of both ISAs that can be managed in branch, by post or by phone are also available.
Despite the rate cuts to these deals, both have managed to retain comfortable top-10 positions when compared with ISAs of similar terms. The fact that they allow transfers in and further additions for a limited period will be seen as a plus, as will the chance to access funds early, albeit subject to an interest penalty.
Moneyfacts rating: Excellent
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