Mansfield Building Society has unveiled a new two-year fixed rate ISA, which has earned an 'excellent' rating for its competitive terms.
2 Year Fixed Rate Cash NISA Bond (1st Issue) pays a competitive rate of 1.75% yearly.
This account can be opened and operated in branch and by post with an initial deposit of at least £500.
Further additions are accepted until 5.4.16, but no transfers in are permitted, meaning this ISA can only be used for this tax year's savings. Although it is not possible to make withdrawals, early access can be achieved upon closure of the account and the loss of 180 days' interest. Transfers out will incur the same penalty.
Savers hunting for a home for this year's ISA savings are likely to be attracted by this new ISA. It boasts a competitive rate and also gives savers the option to add extra funds for a limited period, as well as the possibility of accessing funds early if an urgent need arises. However, savers must remember that a withdrawal will result in closure of the account and a hefty interest penalty.
Moneyfacts rating: Excellent
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