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M&S Money increases fixed-rate savings offer

M&S Money has increased its one-year Fixed Rate Savings option from 3% to 3.1%.

All M&S fixed rates are available within or outside of an ISA and are also available over two years at 3.2% or over three years at 3.5%.

Customers can choose between fixed and variable rate options within the M&S ISA, or split their annual allowance between the two in a single application.

Colin Kersley, chief executive of M&S Money, said: “In these uncertain economic times, our customers are looking for security and a guaranteed rate of return.

“Offering to ‘mix and match’ fixed and variable rates, within or outside an ISA, gives our customers a range of options for their savings.”

The variable rate Flexi Cash ISA option offers a rate of 2.65% tax free, which includes a 1.25% bonus payable for 30 months from initial deposit then reverting to the company’s standard variable rate, which is currently 1.4%.

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