N&P increases interest rate on 1 year fixed rate cash ISA

N&P (Norwich and Peterborough Building Society) is increasing the interest rate on its One Year Fixed Rate Cash ISA by 0.20% from Friday 3rd June 2011.

The N&P One Year Fixed Rate Cash ISA is available to new and existing N&P customers and pays a guaranteed rate of 3.05%.

The One Year Fixed Rate Cash ISA must be opened with the full annual ISA allowance of £5,340.

Gary Lacey, savings manager at N&P said: "This is good news for people who have yet to commit their cash ISA allowance for 2011/2012, or who have ISA balances built up from previous years. In the current financial climate it is particularly important that people make their money work harder for them, and this increase in interest rate on our One Year Cash ISA can help people do that."

From Friday 3rd June, N&P is also increasing the interest rate on its One Year Fixed Rate Bond and E-Bond to 3.05% gross AER.

One Year Fixed Rate Cash ISA

Full product details:

Must be opened with the full cash ISA allowance of £5,340.
Fixed rate of interest of 3.05% for the one year term.
Early access or closure permitted with the loss of 180 days interest.
Available to new and existing N&P customers. Transfers from other providers accepted.
Once opened, no additional deposits can be made.
The ISA must be opened in branch or by post.

For more information, visit nandp.co.uk.