M&S Money launches new Fixed Rate Savings

M&S Money is launching a range of fixed rate savings, both as Cash ISA accounts and Fixed Rate Savings accounts, outside ISA.

The new fixed rate savings accounts, which launch on 1 October, have guaranteed interest rates over 1, 2 and 3 years.

The ISA accounts will be available for the over 50s to top up as a result of their new ISA limits (up to £5,100) available from 6th October.

ISA accounts earn interest tax free but those outside ISA earn interest net of tax.

With all savings accounts it’s important that you make sure they are working hard for you.

Using your ISA allowance to the full is a good step as it provides tax free interest.

Be aware though that for those over 50, although the ISA limit will increase from 6 October, if you already have an ISA you have to top up with your existing ISA provider.

Having done this though it may be worth checking to see how your interest rate compares to others and if appropriate look to swapping to a higher interest paying ISA.

The M&S money new savings fixed rates are

M&S Money was acquired by HSBC in 2004.