Santander launches new fixed rate Isas

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Santander launches new fixed rate Isas

Santander has announced the launch of its new range of fixed rate individual savings accounts (Isas), offering rates of up to 3.5 per cent to savers.

The new products are available in one and two-year formats, with savers able to transfer existing Isa funds into the products when opening them.

Minimum initial investment to take advantage of this new product is £500, with maximum investment per annum of £14,000.

Matt Hall, head of savings at Santander, said: "Fixed rate Isas offer certainty of return with the advantage of earning the interest tax free and therefore continue to prove popular with savers looking to lock in their cash."

The news follows comments by Darius McDermott, managing director of Chelsea Financial Services, who recently told listeners to the FT Money Show podcast that families looking to put money aside for their children's future are advised that one of the best savings vehicles at present for this purpose could be the stocks and shares Isa.

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