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Interest is calculated daily and paid at the end of the fixed term on January 31, 2024.
Some or all of the money can be withdrawn during the fixed term, but it can’t be put back in, and any amount paid into the account will count towards the person’s annual ISA allowance limit even if they later withdraw it.
As fears of a recession loom, Simon Coll, director of wealth management at Arbuthnot Latham said: “An emergency fund is always important, but even more so during times of economic uncertainty.
“Financial experts typically recommend having six months’ worth of bills and expenses saved should you find yourself in a position of needing to rely on savings.”
