Tesco Bank has increased the rate of its one-year fixed rate ISA by 0.25%, strengthening its position in the Moneyfacts charts.
The one-year version of Fixed Rate Cash ISA now pays 1.75% yearly, enabling it to sit just behind the market-leader of its sector.
This account can be opened and operated by phone and online with a minimum investment of just £1.
Additional deposits can be made within the first 30 days after the account has been opened and transfers in of existing ISAs are also welcomed. Withdrawals are not permitted, but it is possible to close the account early upon the loss of 90 days' interest. This penalty also applies to transfers out.
The rate rise to this ISA has significantly improved its competitiveness, moving to sit just behind the current market-leader. The fact that is allows transfers in and further additions, albeit for a limited time, further enhances its appeal. The possibility of early access to funds is also a bonus, although savers must remember that this will result in closure of the account and an interest penalty.
Moneyfacts rating: Excellent
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