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Charter Savings Bank has increased the rates on its range of Fixed Rate Cash ISA, and one deal has been branded as “excellent” by Moneyfactscompare.co.uk. Cash ISAs have become more popular over the past few years of higher interest rates, as the accounts allow individuals to save up to £20,000 a year tax-free.
The bank’s new rate includes a 4.30% payable on anniversary, or a monthly interest option of 4.22% gross / 4.30% AER on a minimum opening amount of £5,000. Savers also have the option to split their Cash ISA savings across multiple ISAs within Charter’s range. Caitlyn Eastell, spokesperson at Moneyfactscompare, said: “Charter Savings Bank has increased the rates on its range of Fixed Rate Cash ISAs by up to 0.16%. The one-year option now offers a market-leading rate; it pays 4.30% AER on its anniversary, but there is also a monthly interest option for those looking to boost their income.
“Savers will need to put away at least £5,000; however, further additions are permitted for 30 days via a nominated account.
Ms Eastell also noted that although earlier access is permitted, it will be subject to a 90-day loss of interest penalty, and should therefore be carefully considered.
She added: “Savers can also choose to split their Cash ISA savings across multiple ISAs within Charter’s range, which may be an added bonus for some. Overall, the deal earns an Excellent Moneyfacts product rating.”
Chetwood Bank offers an attractive 4.31% interest rate on an account with a minimum opening of £1,000. Earlier access is permitted on closure only, with withdrawals subject to a 90-day loss of interest. Interest is paid on maturity.
Investec Save is also offering a competitve 4.3% AER on a minimum deposit of £1,000. Interest is paid on maturity, and earlier access is permitted on closure only and will be subject to a 90-day loss of interest.
