Metro Bank has reduced the rates paid on its fixed ISAs; however, its two and five-year deals have managed to keep their chart places thanks to their still-competitive rates and terms.
2 Year Fixed Rate Cash ISA Issue 4 now pays an attractive yearly rate of 1.50%, while its five-year counterpart (Issue 2) pays 1.95%, allowing both to remain among the top 10 accounts in their respective sectors.
These accounts must be opened and operated in branch by new customers, while existing customers have the option to open and manage their account by phone. An initial investment of just £1 is required. Savers should note that access is via a nominated account.
Further additions are not welcome but it is possible to transfer in existing ISAs within 30 days of opening an account. Savers are also able to access funds prior to maturity upon the loss of 180 days' interest, the same penalty as applies to transfers away.
These ISAs have proved their staying power by remaining in the charts. As a result, savers are likely to be drawn to their competitive rates and their surprising flexibility: transfers in are permitted as is early access to funds, although savers should bear in mind that this will result in a heft interest penalty.
Moneyfacts rating: Excellent
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