M&S Money issues new Fixed Rate Savings

M&S Money is offering a new Fixed Rate Savings option within the M&S Cash ISA with effect from Tuesday 6th April 2010. The fixed rates are also available outside an ISA.

The guaranteed interest rates are available over 1, 2 and 3 years at up to 3.25% AER/gross.  This is a strictly limited offer and replaces the previous issue.

1 year term - 2.50% AER/tax-free
2 year term - 2.85% AER/tax-free
3 year term - 3.25% AER/tax-free

Customers can choose between fixed and variable rate options within the M&S ISA, or split their annual allowance between the two, using one simple application form.

The M&S Flexi Cash ISA option offers a variable rate of 2.65% AER/tax-free.  This includes a bonus rate of 1.25% for 18 months from initial deposit.

Minimum deposit £100
From £25 a month by direct debit
Transfers from other Cash ISA providers accepted
Withdrawals without penalty, although any amount withdrawn can't be replaced during that tax year

Customers can apply for M&S Fixed Rate Savings online at marksandspencer.com/fixedratesavings.