What ISA options do the Post Office offer?
You can currently take your pick from two ISA products:
- Online ISA: As you’d expect, you can manage this account online, which makes it convenient and easy to stay on top of your money. You can choose between an Easy access issue 9 or a Fixed rate issue 8.
Easy access issue 9 gives you a variable rate of interest, but you can withdraw money from the ISA whenever you like.
Fixed rate issue 8, on the other hand, offers a fixed rate of interest for a whole year, but you can’t withdraw or put any more money into it after your initial deposit. If you do need to take your money out, you’ll have to pay a ‘breakage charge’.
The Post Office also offers a junior ISA, which you can open on behalf of a child if you have parental responsibility. From age 16, children can become responsible for the account themselves, if they want to. Money in a junior ISA can only be withdrawn by the child whose name the account is in, and only when they turn 18.