Scarborough launches new three-year fixed rate ISA

Scarborough Building Society has launched an outstanding three-year, fixed rate ISA deal to help would-be savers make the most of the current high interest rate environment.

The new savings account, launching this week, will pay 5.85% - fixed for three years - and allows penalty-free access to half of the money invested.

Open to both ISA and TOISA customers, savers can make the most of their full tax-free allowance by investing up to £3,000 in the current tax year – as well as being able to transfer-in any existing ISA and TOISA funds from other providers.

Tony Burdin, Scarborough’s Head of Group Marketing, said: ‘As a mutual building society, we believe we have a responsibility to encourage people to save, and rewarding them for making the most of the tax free benefits ISAs offer is a key aspect of that.

‘After experiencing phenomenal popularity with our Guaranteed ISA Plus Account earlier this year, we realised there was great demand in the marketplace for this kind of product, and this is why we are following it up with one of the best three-year fixed rate deals around.

‘With interest rates rising several times in recent months, we hope our new ISA will meet the needs of people looking to lock into the great returns now available.’

The new account complements the Society’s existing range of highly competitive ISA accounts. These include its ever-popular My Savings regular savings ISA, which can be opened with as little as £10 and currently pays 6.30% variable on monthly investments of up to £250.