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Virgin Money’s One Year Fixed Rate Cash ISA Exclusive Issue 4 offers a market-leading rate of 4.25 percent AER1 / Tax-free P.A. The estimated balance after 12 months based on £1,000 deposit would be £1,042.50.
While interest rates fluctuate, fixed-rate accounts help add a layer of certainty to saving, as these enable savers to lock in the rate offered at the time of opening.
Cash ISAs are also often a popular route people take to save, as these accounts allow up to £20,000 to be deposited per year, without having to pay tax on the interest above the Personal Savings Allowance (PSA).
This account is great if individuals want a fixed return on their savings or have a one-off amount to put away.
Virgin Money’s simple ISA transfer service allows customers to bring all their ISAs together in one place.
This ISA is open to customers with a current account from Virgin Money, Clydesdale Bank or Yorkshire Bank (apart from the Essential Current Account or any account opened with Northern Rock).
There is no limit on the number of ISA transfers that people can make.
Interest is calculated daily and paid at the end of the fixed term on January 31, 2024.
Some or all of the money can be withdrawn during the fixed term, but it can’t be put back in, and any amount paid into the account will count towards the person’s annual ISA allowance limit even if they later withdraw it.
There is no minimum deposit required to open the account, but savers must have a current account with Virgin Money which was opened on or after December 4, 2019.
Savers with Virgin Money can also have access to special deals across the wider Virgin Group that can help people save on things like everyday essentials, as well as bigger things like days out and holidays.
Lucinda O’Brien, savings expert at Money.co.uk, unveiled the top rates offered across easy access, fixed rate and cash ISA accounts today.
She said: “The Bank of England announced last Thursday that the Base Rate had increased from 3.5 percent to four percent, and although it is still early days, we are already seeing some small changes to the rates on offer.
“Fixed-rate bond rates have dropped slightly compared to last week, with the highest rate standing at 4.5 percent from Raisin UK with its five-year fixed-term.
“However, cash ISAs are starting to look more favourable as Barclays’ one-year flexible cash ISA has an interest rate of four percent.”
Alternatively, she continued: “If you would prefer to access your money sooner, the 120-day notice savings account from Furness Building Society has a competitive interest rate of 3.5 percent.”
For those who need instant access to their cash ISA, Cynergy Bank Online ISA (Issue 29) is offering the highest rate today with an AER of 2.85 percent.
The account can be opened with just £1 and savers can withdraw funds anytime without penalty.
Barclays’ One Year Flexible Cash ISA (Issue 36) tops the list in this category with an AER of four percent.
The account can also be opened with just £1, however, a maximum number of three free withdrawals are allowed during the term.
For more information, people can visit their website.
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