NatWest Launches High-Yield 4.2% One-Year Fixed-Rate Cash ISA
NatWest has launched a new one-year fixed-rate cash ISA, boasting an appealing 4.2% interest rate. However, this rate is exclusive to customers who haven't yet opened a fixed-rate cash ISA with NatWest this tax year.
The 4.2% rate is among the highest currently available, trailing only Tembo's 4.27% rate. Unfortunately, customers who have already opened a fixed-rate cash ISA with NatWest this year are ineligible for this rate. Furthermore, closing an existing fixed-rate ISA to access the 4.2% rate would incur an early closure penalty of 90 days' interest, making it not worthwhile.
While NatWest restricts customers to opening only one cash ISA per tax year, some providers like Charter Savings Bank and Zopa offer more flexibility, allowing customers to open multiple fixed-rate and easy-access ISAs within the £20,000 annual allowance. This flexibility can help customers optimize their savings.
NatWest's new one-year fixed-rate cash ISA presents a competitive 4.2% interest rate, but eligibility is limited to new customers this tax year. Meanwhile, some providers offer more flexibility, enabling customers to open multiple ISAs within the annual allowance.
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