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M&S Money extends bonus rate on cash Isa

Flexi Cash Isa now offers 30-month bonus

M&S Isa

M&S Money Flexi Cash Isa provides extended bonus

M&S Money has extended the bonus rate period on its Flexi Cash ISA option for another 12 months, taking the bonus period to 30 months.

The additional 12-month bonus comes into effect from the date the customer’s initial 18-month bonus comes to an end.

The variable rate is currently 1.40% AER tax-free, plus the fixed rate bonus of 1.25%, taking the overall bonus to 30 months at 2.65% AER tax-free. This deal currently appears in our instant access cash Isa Best Rate tables.

Letters confirming the extended bonus have been sent to all Flexi Cash ISA option customers. The offer is also available to new customers. The additional bonus period will be applied automatically, so customers don’t need to take any action.

Top up your Isa

Customers can save from as little as £100, and top up their balance with one-off payments or regular savings from £25, up to the cash Isa limit of £5,340 this tax year.

You can also withdraw money without penalty, although any amount withdrawn can’t be replaced during that tax year. Our guide will help you to find the best cash Isa.

Extended bonus will appeal to many

Paul Davies, savings analyst at Which?, said of the move: ‘Having an extended bonus period lasting 30 months will prove very attractive to savers not wanting to switch their money when a typical 12-month bonus period ends. People should still make a note of when the 30 months is up and then review the best option for their savings.

‘The underlying rate of 1.40% isn’t awful but you should certainly seek better returns when the bonus rate drops off. It’s good that the M&S Money deal is open to both existing and new customers, avoiding a two-tier rate system.’

Check out our Best Rate tables for the very best Isa deals in the market.

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