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Can’t stop the ISA Rock

Can’t stop the ISA Rock

Category: Savings

Updated: 16/07/2010
First Published: 06/07/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Northern Rock has shaken up the short term ISA market with a product that offers a leading rate of 3.00%.

The ISA Breaker Issue 2 is a fixed term account that matures on 15 July 2011, and pays 3.00% on a minimum investment of £500.

Withdrawals and transfers out are permitted on 60 days' loss of interest, and further additions are allowed up to 30 days after the issue closes.

Transfers in are not permitted, there is a minimum transaction of £250 and, on maturity, it converts to the 30 Day ISA with instant access permitted for 30 days.

It enters as market leader in the short term fixed rate ISA field and should prove as popular as its predecessor.

This product does provide the option of allowing withdrawals, although an interest penalty is payable, which may provide savers with some peace of mind.

Customers do need to determine how much they wish to invest at the outset as this product is subject to withdrawal at any time.

Four out of five Moneyfacts stars have been awarded.

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 Any products featured may be withdrawn by their provider or changed at any time.