M&S launches new fixed rate savings option within mini cash ISA

M&S Money is launching a new fixed rate savings option within the M&S Mini Cash ISA over terms of one, two and three years. The longer the fixed rate term, the higher the rate of interest will be.

Mini Cash ISA customers will be able to choose between fixed and variable rates of interest, or split their annual allowance between the two, using one simple application form. Anyone aged 16 and over can put up to £3,000 per tax year into a Mini Cash ISA - an ordinary savings account with the advantage of all interest being tax free.

The fixed rate savings product will also be available outside an ISA. Customers saving outside an ISA earn interest net of tax.

This limited offer will be available from 28th February 2007.

Brendan Cook, Chief Executive of M&S Money, said: "Our Mini Cash ISA has been extremely popular since launch three years ago. We are now responding to customers who asked us for the option of guaranteed interest rates as well as the convenience of instant access variable rates. We have made this as easy as possible so customers can make their own choices. And anyone who has already used their ISA allowance can take advantage of our fixed rates outside an ISA."