A savings provider has earned an “excellent” rating after boosting the interest on its account to 4.25%. Close Brothers Saving is offering the rate on its five year fixed rate cash ISA.
The rate is 4.25% AER and payable annually. You will need to open an account with at least £10,000, while the most you can put in is £2million. Your money is locked for five years, with access when the account closes. Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Close Brothers Savings has increased the rates across a selection of its Fixed Rate Cash ISAs.
“The five-year option is one that fares best and now pays a market-leading 4.25%.”
She noted how savers need to deposit at least £10,000 but said further additions are permitted for 10 days from the account opening, which she said may be a bonus for some.
Ms Eastell added: “Although earlier access is permitted, savers should consider any withdrawals carefully as they will be hit with 365 days’ loss of interest and the closure of the account.
“This deal may be an enticing option for those wanting to win against falling rates and maximise their tax-free savings over the next five years.
“Overall, the deal earns an Excellent Moneyfacts product rating.”
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Close Brother Savings account allows money to be transferred in from other cash and stocks and shares ISAs, but instructions to do so have to be made within 10 days of the account opening.
The provider’s account can be managed online, by phone and by post. Investors, who have to be aged at least 18, can choose to split their Cash ISA savings across multiple ISAs within Close Brothers Savings’ range.
Other competitive five-year fixed rate cash ISA options listed by Moneyfactscompare include Hampshire Trust Bank’s Fixed Saver (Issue 10) with interest at 4.24% AER.
Chetwood Bank’s HL Active Savings 5-year fix offers 4.05% AER. Leeds Building Society’s Fixed Rate Cash ISA (Issue 170) has the same rate, according to Moneyfactscompare.co.uk.