Rate boost moves fixed ISAs up the charts | Product News - Moneyfacts

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Rate boost moves fixed ISAs up the charts

Rate boost moves fixed ISAs up the charts

Category: ISAs
Date: 24/06/2015

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 It is now over 6 months old so the content may be out of date.

Virgin Money has increased select savings rates by up to 0.20%, enabling its one and five-year fixed ISAs to secure their coveted places on the charts.

The basics…

5 Year Fixed Rate Cash E-ISA Issue 129 now pays 2.35% yearly (2.33% monthly) until 24.8.20 after receiving the highest rate increase of 0.20%. This puts it just behind the current market-leader of its sector.

Meanwhile, its one-year counterpart (Issue 127) now pays 1.61% yearly (1.60% monthly), enabling it to retain a comfortable position among the top 10 accounts of its sector.

The finer details…

Both accounts must be opened and operated online with an initial investment of just £1.

Additions can be made for up to 30 days after the accounts have been opened and it is also possible to transfer in existing cash and stocks & shares ISAs. Unusually for the fixed market, both accounts allow early access to funds, although this will result in a 60-day interest penalty for the one-year ISA and a 180-day penalty for the five-year version.

For savers who would prefer not to manage their account online, branch and postal-operated versions paying the same rates are available.

Why we like them…

The rate boost to these accounts has helped to put them on the map, with the five-year variant proving to be particularly competitive. The fact that savers can add to funds, transfer in existing ISAs and access funds early (albeit with an interest penalty) adds further gloss to these accounts, ensuring their continued place in the charts.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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