Barclays Bank has reduced the rate on its two-year fixed rate cash ISA, but it has retained its competitive edge and held onto a place in the Moneyfacts charts.
2 Year Flexible Cash ISA Issue 5 now has a competitive rate of 1.81% on maturity (1.80% monthly), earning it a place among the top 10 of its sector.
The finer details…
Existing customers of Barclays Bank can open and operate this ISA in branch, online and by phone with an initial deposit of just £1. New customers must open and manage the account in branch.
Further additions are permitted until 5.4.15, and transfers in of cash and stocks & shares ISAs are also welcomed, provided a request is given within 30 days of the account opening.
Unusually in the fixed rate market, this account allows three penalty-free withdrawals of up to 10% of the deposited balance during the two-year term. However, further withdrawals will result in closure of the account and the loss of 180 days' interest. Transfers out of this account are also subject to the same penalty.
Why we like it…
Despite the reduction, this ISA still boasts an impressive rate that is bound to attract the interest of investors. The option to make further additions and penalty-free withdrawals (as long as certain conditions are met) is an added bonus, as is the small initial deposit requirement, ensuring this ISA's place in the Moneyfacts charts.
Four Moneyfacts Stars have been awarded.
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 Any products featured may be withdrawn by their provider or changed at any time.
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