New 3-yr ISA for over-50s | Product News - Moneyfacts

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New 3-yr ISA for over-50s

New 3-yr ISA for over-50s

Category: ISAs
Date: 11/04/2016

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 It is now over 6 months old so the content may be out of date.

Saga has introduced a three-year fixed ISA to the market, grabbing it a sought-after place in the Moneyfacts charts thanks to its attractive rate and terms.

The basics…

3 Year Fixed Rate ISA pays a competitive yearly rate of 1.80% (1.79% monthly), which enables it to muscle in among the top 10 accounts of its sector.

The finer details…

This account can be opened by phone or online by those who are aged 50 or over, but it must then be postal-operated. A minimum deposit of just £1 is required.

Savers can make additional deposits while the issue remains open and are also able to transfer in existing ISA savings. Early access is possible, too, although this will result in the loss of up to 270 days' interest depending on the time left to maturity. This tiered range of penalties will also apply to transfers away.

Why we like it…

Older savers who are looking for a competitive home for their savings are likely to welcome this newcomer. Not only does it pay an attractive rate, but it also offers a monthly interest option, which will appeal to those who are looking to supplement their income. The fact that early access is possible, albeit upon payment of a penalty, also adds some welcome flexibility to this competitive deal.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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