The Co-operative Bank has increased the interest rate on its one- and two-year fixed rate Isa products as it looks to provide savers with a more attractive return.
The bank will be offering its one-year fixed rate Isa at 0.95% AER and two-year fixed rate Isa at 1.05% AER to complement the existing range of tax-free savings accounts, which include an online cash Isa and standard cash Isa.
Savers will be able to deposit between £5,000 to £15,240 utilising this year's tax allowance or they can open an account from £1 if transferring previous year's Isa funds.
The products are aimed at those who are happy to make a lump-sum deposit for a one- or two-year period.
No further deposits are allowed into the account once the product has been withdrawn from sale and withdrawals can be made from the account before it reaches maturity, but savers would lose 180 days' worth of interest on the amount withdrawn.
“We're pleased to offer savers a competitive rate of return on our range of fixed rate Isas to complement our existing cash Isa products,” said Stuart Beattie, head of savings and business banking at the Co-operative Bank.
“With the Co-operative Bank, savers can be reassured that their money will not be put to use in a way which conflicts with our values and ethics policy, which has been shaped by our customers.”
You can find out more about the Co-operative Bank's Isa range on its website.
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