5-yr ISA holds onto top 5 place | Product News - Moneyfacts

Product News

5-yr ISA holds onto top 5 place

5-yr ISA holds onto top 5 place

Category: Savings
Date: 28/01/2015

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 It is now over 6 months old so the content may be out of date.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 reduced the rates of its three and five-year fixed rate products by up to 0.25%, but despite this, its five-year ISA has retained its competitive edge, maintaining a place among the top five of the Moneyfacts charts.

The basics…

Fixed Rate Cash E-ISA Issue 106 now has a competitive rate of 2.25% yearly (2.23% monthly) until 24.2.20, enabling it to retain its place in the charts.

Meanwhile, its three-year counterpart (issue 105) has a new rate of 2.00% yearly (1.98% monthly).

The finer details…

These ISAs must be opened and operated online with a minimum investment of just £1.

Unusually for the fixed rate market, both ISAs allow further additions up to 30 days after the initial deposit. Transfers in of both cash and stocks & shares ISAs are welcomed, too.

Early access is also permitted, albeit subject to the loss of 120 days' interest for the three-year account and 180 days' for the five-year deal. Transfers out will incur the same penalties.

Branch and postal-operated versions of these ISAs, as well as bonds and e-bonds, are also available.

Why we like them…

Although the five-year ISA has received a rate reduction, it still offers savers a competitive rate. The additional flexibility of early access and the option of making further additions further heighten this account's appeal, ensuring that it is likely to remain popular among savers.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
Close