State Bank of India has unleashed two highly competitive ISAs onto the market, both of which have stormed the Moneyfacts charts and taken up leading positions in their sectors.
5 Year Cash ISA Fixed Deposit pays a market-leading 2.50% yearly, allowing it to sit right at the top of the Moneyfacts charts. Meanwhile, 1000 Day Cash ISA Fixed Deposit pays 2.30% yearly, which is also a market-leading rate for its term.
Both of these accounts can be opened in branch or by post and then operated via the same means as well as by phone. A minimum investment of £5,000 is required. A State Bank of India current account or savings account must be opened in order to qualify.
Both ISAs accept transfers in of existing cash and stocks & shares ISAs, but further additions are not permitted. Early access is also possible, although this requires 30 days' notice and will result in the loss of 1.00% interest.
Both accounts are also available as online options.
Savers will find it hard not to like these two new ISAs: both boast market-leading rates and there is also the added flexibility of being able to transfer in existing ISA savings. Early access is also possible, which is unusual in the fixed rate market, although this does require advance notice and will result in quite a hefty penalty.
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.