New 3-yr fixed ISA launched | Product News - Moneyfacts

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New 3-yr fixed ISA launched

New 3-yr fixed ISA launched

Category: ISAs
Date: 01/06/2015

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 It is now over 6 months old so the content may be out of date.

State Bank of India has launched a new three-year fixed ISA onto the market, earning it an 'excellent' rating for its competitive rate and terms.

The basics…

Online 3 Year Cash ISA Fixed Deposit pays a competitive fixed annual rate of 2.10%. Versions of the account are available for those who wish to receive interest yearly (all interest must be paid away) and those who wish to compound it (interest will be paid on maturity).

The finer details…

This ISA must be opened and operated online with an initial investment of at least £15,000. Savers should note that an online Instant Savings Account will be automatically opened alongside the ISA for transactional purposes.

Although further additions are not permitted, it is possible to transfer in existing cash and stocks & shares ISAs. It is also possible to access funds early with 30 days' notice and the loss of 1% interest. Transfers out will also incur this penalty.

For those who would prefer not to manage their account online, a branch-based version of the ISA paying the same rate but with a lower minimum investment figure of £5,000 is available.

Why we like it…

For savers with a decent-sized savings pot to invest, this ISA is likely to be an appealing choice. Not only does it have the option of compound or paid away interest, but it also allows transfers in and early access, albeit with a notice period and an interest penalty. As a result, this is a competitive and flexible option for the internet investor.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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