THE Halifax has launched a new fixed rate Individual savings account, offering customers market-leading rates of interest.

Among the key features of fixed rate Halifax ISA Saver are:

• Tax-free cash deposit savings scheme for customers wanting a fixed rate on their investment.

• Fixed interest rate - set on the day of account opening, guaranteed for the period of investment.

• Minimum investment: £3,000.

• Maximum investment: To accommodate previous and current year subscriptions and matured TESSA funds.

• One, two, three and five-year terms available.

• Tax-free interest credited on maturity.

• Closure prior to maturity - 180 days interest penalty for closures prior to maturity, up to the amount of interest accruing on the account - 30 days’ notice required.

Nigel Payne, head of savings at the Halifax, said: "This new product underpins our commitment to the tax-free savings market."