Transfers out are subject to 90 days’ loss of interest on
the one-year option and 180 days’
loss of interest on the two-year option. These ISAs
can be opened by post or online, and then managed by post, by phone, and online.
Principality Building Society increased the rate on its
easy access ISA
resulting in it offering a competitive rate. Web ISA Issue 3 pays 0.95% gross yearly on
an opening minimum deposit of £1. Further additions are allowed until 5.4.21 for the
2020/21 tax year via a nominated account. Withdrawals are permitted via a nominated
account. Transfers in are accepted. There is no penalty for transfers out. This ISA
must be opened and managed online.
At the same time, Principality Building Society increased the rate on its
easy access account,
which now pays a competitive rate. Online Limited Access pays 1.05% gross
yearly on a £1 opening minimum deposit. Unlimited further additions are allowed.
Withdrawals are restricted to three per calendar year including closure. This account
can only be opened and managed online.
Cynergy Bank launched
three-year fixed rate ISAs
this week. The one-year
version of its Fixed Rate Cash ISA pays 0.92% gross and the one-year version of
its Loyalty Fixed Rate Cash ISA pays 0.93% gross, while the two-year versions of its
Fixed Rate Cash ISA and its Loyalty Fixed Rate Cash ISA pay 0.96% gross and
0.97% gross respectively, and the three-year options of these accounts pay 1.01%
gross and 1.02% gross respectively. All options pay interest on anniversary and
require a £500 minimum deposit to open. The loyalty ISAs are only available to
existing customers of six months or more. All ISAs allow further additions subject to a
minimum deposit of £100 but are paid at a variable rate. Earlier access is permitted
subject to 180 days’ loss of interest. Transfers in from cash ISAs are accepted.
Transfers out are subject to the same interest-loss penalty as earlier access. All ISAs
can only be opened online, but can then be managed by post, by phone, and online. A
Cynergy Bank Authenticator App or Digipass is required to use online banking.
This week, OakNorth Bank increased the rates on its
60-month fixed rate bonds.
The 12-month version of its Fixed Term Deposit pays
1.23% gross, the 15-month option pays 1.25% gross, the 18-month version pays 1.27% gross, the 24-month version pays
1.31% gross, the 30-month version pays 1.33% gross, the 36-month option pays 1.34% gross, the 48-month version pays
1.35% gross, and the 60-month version pays 1.36% gross. All options pay interest on maturity and require a £1 minimum
deposit to open. Further additions are allowed within 14 days of account opening. Withdrawals are not permitted. These
bonds can be both opened and managed online and via mobile app.
This week, West Brom Building Society launched an
easy access savings account.
WeBSave Single Access (Issue 2)
pays 0.90% gross yearly on a £1,000 minimum opening deposit. This account matures on the 30.11.21, after which it
becomes either a limited access or easy access account. Unlimited further additions are allowed. Withdrawals are restricted
to one per account year and a lower rate of 0.05% is paid for the remainder of the year if more than one withdrawal is made.
This account can only be opened and managed online.
At the same time, West Brom Building Society launched an
easy access ISA.
WeBSave Single Access ISA pays 0.90%
gross yearly on a minimum opening deposit of £1,000. This ISA matures on the 30.11.21 when it becomes either a limited
access or easy access ISA. It allows unlimited further additions. One withdrawal is permitted per account year, if more than
one withdrawal is made, a lower rate of 0.05% is paid for the remainder of the year. Transfers in are accepted. Transfers out
are permitted subject to a maximum transfer out limit of £500,000. It can only be opened and managed online.