What are ISAs
An ISA, also known as an individual savings account, gives you the opportunity to earn up to £20,000 tax-free interest.
If you subscribe to an ISA, then you can benefit from tax-free interest for your savings and enjoy the freedom to invest from your ISA and avoid paying tax on your investment returns.
Fixed rate ISAs
Although cash ISAs are popular, they do not often allow you to access competitive rates of interest.
If you are prepared to lock up your savings for a prolonged period of time, then you might want to consider fixed rate ISAs.
A fixed rate ISA requires you to leave your capital in the ISA for the entire fixed rate term. If you do not touch your capital for the fixed term, then you will receive a higher rate of interest on your capital than other ISAs.
M&S fixed rate ISAs
Marks & Spencer are well known for their success in the retail industry, but they also offer personal and business banking services. They provide a range of accounts including fixed rate ISAs, which offer competitive interest.
M&S have a wide range of financial services, and offer a number of different fixed rate products. M&S offer fixed rate products from 1 to 3 years. The M&S fixed rate ISAs allow you to choose between monthly or annual interest and you will need to deposit a minimum of £500. Although their ISAs are designed to run for the entire fixed term, you can withdraw your capital from the fixed rate ISA providing you are prepared to pay an early closure charge.
If you want to explore your fixed rate ISA options, then review our table above. Our ISA table above provides some of the best ISAs available on the market, including ISAs from other lenders.