New Chart-Topping Long-Term ISAs Launched | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 14/08/2020

Coventry Building Society has launched chart-topping four and five year fixed rate ISAs today.

Its new five year ISA –Fixed Rate ISA (117) 30.11.2025 – pays 1.25% gross yearly and its Fixed Rate ISA (116) 30.11.24 pays 1.15% gross yearly. Both these ISAs require just a £1 minimum deposit to open and accept transfers in. These ISAs can be both opened and managed online, by phone and by post.

As well as now having the best rates in the five and four year fixed rate ISA charts, Coventry Building Society also continues to offer the best one year fixed ISA rate. Its Fixed Rate ISA (114) 30.11.21 pays 0.77% gross yearly. This ISA has the same terms and conditions as the four and five-year options.

Commenting on the launch of these ISAs, Ian Biggs, head of product performance at Coventry Building Society, said: “Fixed rates offer savers some certainty in these uncertain times so we expect these new products will be very popular. Many people will be looking for a top interest rate and the peace of mind that a fixed rate provides, and, as a mutual, we want to offer the best rates we can afford. We now have a range of ISAs for savers looking to fix their returns for one, two, three, four or five years, all at rates that are among the very best available.

“We’ve made it as straightforward as possible for people to open these accounts and to transfer any other ISAs they may have. It can all be done online, over the phone, by post or in branch.”

Autumn ISA season

Although the launch of chart-topping ISA accounts will be welcomed by ISA savers, rates within the savings and ISA charts still remain very low and savers will struggle to get competitive rates in the current economic climate. Saying this, after a subdued ISA season during the spring, the launch of these products could indicate that some providers are willing to launch chart-topping rates during the upcoming autumn ISA season.

As ISA rates remain low overall, savers should act quickly if they want to secure the best rates possible, as it is likely that providers will reach maximum deposits with chart-topping rates within a short space of 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 Any products featured may be withdrawn by their provider or changed at any time.

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