Savers urged to ‘take advantage’ of packaged ISA’s

Savers urged to ‘take advantage’ of packaged ISA’s March 25

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ISA savers have been urged to take advantage of packaged ISA’s.

This new ISA concept offers investors an inflated interest rate so long as a current account is opened with the ISA provider at the same time as funds are invested into an ISA package.

Meanwhile, deals are often supplemented with bonus interest rates to make the account appear more attractive.

However, these bonus rates are available for a limited time only - most commonly for a 12-month period.

Despite this, Rachel Thrussell, head of savings at Moneyfacts, believes that packaged ISA’s provide savers with an excellent opportunity to secure a high interest rate - even if it’s only a short-term solution.

“If you are happy to open the required current account or take more risk with an equity based investment, then these current rates are unrivalled in the short term,” she said.

“As many ISA’s are freely portable, your relationship with one provider does not have to be lifelong. So why not take advantage of the best rate for this year, and then decide on a new provider next April?”

Written Exclusively by AdFero for ISA Guides

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