Yorkshire Bank has unveiled a new one-year fixed rate ISA, which has powered straight into the Moneyfacts best buys.
Cash ISA – Fixed Rate Bond (Issue 29) pays 1.60% on maturity (29.4.16), earning it a top 10 place in its sector.
This account must be opened in branch but it can then be operated in branch or by post. A minimum deposit of £2,000 is required.
Although further additions are not permitted, it is possible to transfer in existing cash and stocks & shares ISAs. Early access is also possible, although this will result in closure of the account and a penalty of up to 180 days' loss of interest (1-91 days before maturity = 45-day loss, 92-181 days to maturity = 90-day loss, 182-273 days to maturity = 135-day loss and more than 273 days to maturity = 180-day loss). Transfers away from this account will incur the same penalties.
This ISA is also available from Clydesdale Bank.
This competitive new ISA will certainly turn heads thanks to its attractive rate. The ability to transfer in existing ISA savings is also likely to appeal, as is the possibility of accessing funds early, albeit with a potential penalty of up to 180 days' interest. As a result, this ISA has given itself a firm footing in the Moneyfacts charts.
Moneyfacts rating: Excellent
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