Rate increase boosts ISA into pole position | Product News - Moneyfacts

Product News

Rate increase boosts ISA into pole position

Rate increase boosts ISA into pole position

Category: Savings
Date: 16/01/2015

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 It is now over 6 months old so the content may be out of date.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 increased selected rates among its one-year savings options by up to 0.05%. One of the deals to benefit was its one-year fixed rate E-ISA, pushing it to the top of its sector.

The basics….

The one-year version of Virgin Fixed Rate Cash E-ISA Issue 104 now has a market-leading rate of 1.70% yearly (1.69% monthly) until 24.2.16.

The finer details…

This ISA can be opened and operated online with an initial deposit of just £1. Additions can be made for up to 30 days after the account opens, and transfers in of both cash and stocks & shares ISAs are welcomed.

Happily, it is also possible to access funds early, albeit subject to a 60-day loss of interest penalty. Transfers out can also be made, although this will trigger the same penalty.

A branch and postal-operated version of this ISA paying the same rate is available for savers who do not wish to manage their account online.

Why we like it…

This ISA offers savers an enticing, rival-beating rate, which is sure to garner plenty of interest in the savings market. The deal is further enhanced by the ability to make additions and transfer in existing ISA savings. Unusually for the fixed rate market, this ISA also permits early access to funds, which many savers will see as an added bonus.

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.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