[ad_1]\n<\/p>\n
Close Brothers Savings has launched a new three-year Fixed Rate Cash ISA\u00a0paying 5.15 per cent interest, earning an \u201cexcellent\u201d Moneyfacts rating.<\/p>\n
The account is aimed at savers with more sizeable sums to invest as it requires a minimum deposit of \u00a310,000 to open.<\/p>\n
However, savers can expect to see sizeable returns. To give an example of the interest the pot can amass at its current rate, a \u00a310,000 deposit is estimated to earn \u00a3515 over the course of a year.<\/p>\n
The account is now taking a \u201cprominent\u201d position in the top tables, according to Caitlyn Eastell, a spokesperson at\u00a0Moneyfactscompare.co.uk.<\/p>\n
She said: \u201cClose Brothers Savings has launched a new Three Year Fixed Rate Cash ISA this week. Paying 5.15 per cent, the account takes a prominent position within the top 10 when compared against other fixed ISAs and may appeal to savers who are prepared to lock away their cash for an extended period to receive a guaranteed return.\u201d<\/p>\n<\/div>\n
However, she noted that early access is permitted but will be subject to 270 days\u2019 loss of interest.<\/p>\n
Ms Eastell added: \u201cSavers will need \u00a310,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.\u201d<\/p>\n
While Close Brothers Savings may be offering an attractive deal, it isn\u2019t quite taking the top spot. Zopa\u2019s Smart ISA marginally beats with an AER of 5.16 per cent.<\/p>\n
The account can be opened with just \u00a31 by savers aged 18 and over via the Zopa app. Zopa\u2019s smart ISAs are flexible and allow money to be withdrawn and replaced in the same tax year without affecting their allowance.<\/p>\n<\/div>\n
Castle Trust Bank and Cynergy Bank are also offering AERs of 5.15 per cent. Savers need a minimum deposit of \u00a31,000 to launch Castle Trust\u2019s Fixed Rate e-Cash ISA and early access is subject to a 270 day-loss in interest.<\/p>\n
Savers need a slightly smaller deposit of \u00a3500 to open Cynergy Bank\u2019s three-year fix, and early withdrawals are subject to 180 day\u2019s loss in interest.<\/p>\n
Commenting on the current high-interest environment, Alice Haine, personal finance analyst at investment platform\u00a0Bestinvest\u00a0said: “Consider carefully where you stash [your savings], as too much held in a high-interest savings account can see people breach their Personal Savings Allowance, making them liable for tax charges on the interest they earn.<\/p>\n<\/div>\n
\u201cIncreasing numbers of savers are getting pulled into the tax net, caught out by higher savings rates and the frozen allowance, which has remained static since 2016.<\/p>\n
\u201cInstead, up to \u00a320,000 of savings could be stashed in more tax-efficient options such as an ISA, with an emergency pot in a Cash ISA and any excess money invested in a Stocks & Shares ISA.\u201d<\/p>\n
She noted: \u201cIt\u2019s worth remembering that while a gloomy economic outlook can hurt people\u2019s finances, it can also be a good time to invest with the potential for some investments to be available at a bargain price.\u201d<\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":"
[ad_1] Close Brothers Savings has launched a new three-year Fixed Rate Cash ISA\u00a0paying 5.15 per cent interest, earning an \u201cexcellent\u201d Moneyfacts rating. The account is aimed at savers with more sizeable sums to invest as it requires a minimum deposit of \u00a310,000 to open. However, savers can expect to see sizeable returns. To give an …<\/p>\n","protected":false},"author":1,"featured_media":10730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/10729"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=10729"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/10729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/10730"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=10729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=10729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=10729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}