New notice ISA springs into the charts | Product News - Moneyfacts

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New notice ISA springs into the charts

New notice ISA springs into the charts

Category: ISAs
Date: 13/04/2016

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 It is now over 6 months old so the content may be out of date.

Teachers Building Society has sprung a new 90-day notice ISA onto the market, instantly securing it a prized place in the charts thanks to its attractive rate and terms.

The basics…

Cash ISA Notice 90 (Issue 6) pays an appealing variable rate of 1.40% yearly, allowing it to take a comfortable place among the top 10 accounts of its sector.

The finer details…

This account must be opened by post with a minimum deposit of £100, but it can then be operated online, too. Savers should note, however, that access is via a nominated account.

Additions are welcome at any time but transfers in of existing ISA savings are not permitted. Meanwhile, an unlimited number of withdrawals can be made penalty-free, provided the 90-day notice period is observed. It is, however, possible to waive this notice period and access funds early, although savers should be aware that doing so will incur a 90-day loss of interest penalty. Transfers out can be made on either 90 days' notice or 90 days' loss of interest.

Why we like it…

This newcomer has certainly made its presence known thanks to its competitive rate, which has enabled it to stake a claim to a chart position. Savers wanting some flexibility will welcome the fact that it allows unlimited additions and withdrawals and that withdrawals are penalty-free if the notice period is observed. The fact that early access is also allowed is another bonus, although savers will have to weigh this up against the interest penalty.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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