Pricipality BS Fixed Rate ISA for the over 50's - paying 3.8%

Steve_xx

Pricipality BS will launch the following products on 21 September:

OVER 50s FIXED RATE ISA Issue 55 paying 3.80% will be launched w.e.f. 21.9.09.

OVER 50s FIXED RATE ISA Issue 55 (2009/2010): a fixed term cash ISA maturing 30.6.12 with a minimum investment of £3.6K paying 3.80% yearly. Earlier access permitted on closure only on 180 day loss of interest. Transfers out allowed on 180 day loss of interest. Further additions and transfers in not permitted.

OVER 50s FIXED RATE ISA Issue 55 (transfers in): a fixed term cash ISA maturing 30.6.12 with a minimum investment of £1 paying 3.80% yearly. Earlier access permitted on closure only on 180 day loss of interest. Transfers out allowed on 180 day loss of interest. 2009/10 ISA allowance of £3.6K permitted on account opening only, then no further additions allowed. Transfers in allowed.

For both ISAs: Available to those aged 50 or who will be 50 between 6.10.09 and 6.4.10. One single investment of £1.5K can be added between 6.10.09 and 6.11.09.

Though why Principality BS think this will be attractive to anyone over 50 when they also have a 3 year fixed rate ISA that pays 4.2% is beyond me! The difference between the two offerings, as far as I can see, is that one can access the funds with 180 days loss of interest with the Over 55's product, whereas you can't have earlier access with the Three Year Fixed Rate ISA.

The link to the Over 55's ISA below does not show that funds can be accessed with 180 days notice at present. Therefore there may be a mistake in the reporting.

Link: Over 50's ISA
Link: Three Year Fixed Rate ISA

Baldur

Steve_xx wrote: »

The difference between the two offerings, as far as I can see, is that one can access the funds with 180 days loss of interest with the Over 55's product, whereas you can't have earlier with the Three Year Fixed Rate ISA.

Plus the 50 Plus FRISA can be operated via branch or post and has a fixed maturity date of 30/06/2012, whereas the Direct Fixed ISA is for a 3-year period from date of opening and can only be operated by post.

Blackdeal

Plus, if you have £15k in your ISA pot, you can get 4.4% for three years from opening with Saffron BS - whatever your age. It does take the over 50 top up. However closing cop Monday 21st so you need to hurry!