N&P increases Isa rates

17-Apr-2007

Norwich and Peterborough (N&P) Building Society has announced an interest rate increase on its range of fixed-rate mini cash Isas, which may interest first time home buyers looking to save for a deposit.

With immediate effect, the gross interest rate for its first year product has increased from 5.6 per cent to 5.75 per cent; withdrawals can be made but will generate a loss of 120 days of interest during the fixed period for all of the modified products, which may affect first time home buyers if there is a need to release funds for a deposit.

The Isas are available to UK resident customers over the age of 16.

"As we're in the new tax year, people are obviously thinking about Isas and we want to make sure our customers are able to benefit from a good rate with the reassurance that it won't vanish in a couple of months," said Gary Lacey, group product manager for N&P.

The interest rate on the two year product has increased from 5.7 per cent to 5.9 per cent, while the five year product now offers a rate of 5.45 per cent.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

N&P offers a range of financial products and services, including credit cards and mortgages.

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