Yorkshire Bank has launched a new three-year fixed rate ISA onto the market, earning it an 'excellent' review for its attractive rate.
Private Cash ISA – Fixed Rate Bond Issue 2 pays 2.65% yearly until 31.8.18, a market-leading rate in its sector.
This account is only available to Private Banking customers. It must be opened and operated in branch and requires an initial investment of at least £2,000.
Transfers in of cash and stocks & shares ISAs are welcomed and it is also possible to make one additional deposit for the 2015-2016 tax year, provided the issue remains open.
Early access is possible, but this will result in closure of the account and a tiered interest penalty depending on the time of withdrawal (1-91 days prior to maturity = 45-day interest penalty, 92-181 days before maturity = 90-day loss, 182-273 days before maturity = 135-day loss and over 273 days prior to maturity = 180-day loss). The same penalty applies with transfers out.
This ISA is also available from Clydesdale Bank.
Private Banking customers are likely to welcome this new ISA, which pays a market-leading rate on any investment. The flexibility of the options to transfer in existing funds as well as make an additional deposit for the next tax year adds extra appeal, and is sure to attract eligible investors. Early access is also possible, although savers must remember that this results in closure of the account and up to 180 days' loss of interest.
Moneyfacts rating: Excellent
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