Norwich & Peterborough Building Society has unveiled two new fixed rate ISAs, with the 18-month version winning a four-star review for its competitive terms.
18 Month Fixed Rate Cash ISA has a competitive rate of 1.50% yearly while its three-year counterpart has a rate of 1.90%.
The finer details…
Both accounts can be opened and operated in branch and by post with an initial deposit of at least £100.
It is not possible to add to deposited funds once the accounts are open but transfers in of both cash and stocks & shares ISAs are welcomed. Unusually for the fixed rate sector, early access to funds is permitted, although this will result in a 90-day loss of interest penalty for the 18-month ISA and a 180-day loss of interest for the three-year variant. Transfers away from these accounts will incur the same penalties.
Fixed rate bonds and e-bonds paying the same rate are also available.
Why we like them…
These accounts are a refreshing addition to the savings market, with the 18-month ISA offering a particularly competitive package. The appeal of an attractive rate is boosted by the flexibility offered by early access, albeit on a loss of interest, and the option to transfer in existing ISA savings. As a result, this is likely to be a popular choice among savers.
Four Moneyfacts Stars have been awarded.
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