Fixed Cash ISA
Deposit a lump sum and watch your savings grow tax free.
- Minimum opening deposit of £500 and up to £15,240, less any amount invested in a stocks & shares ISA and/or innovative finance ISA in the same tax year.
- Transfers into our cash ISAs take advantage of our ISA promise.
- Choose for your interest to be paid monthly (may be at a lower rate) or annually on anniversary of account opening.
All deposits and transfers must be completed within 60 days of account opening.
||Fixed Cash ISA
|Interest rates (AERs)
||1.10% tax free /AER fixed for a 2 year term.
1.40% tax free /AER fixed for a 3 year term.
||Interest is paid tax free.
Tax rules may change. The favourable treatment for cash ISAs depends on your personal circumstances and may vary in the future.
|Conditions for bonus payment
||No withdrawals allowed but can be closed early or transferred to another ISA subject to loss of interest. If you close your account early you will lose the equivalent of:
2 year term - 180 days' tax free interest.
3 year term - 270 days' tax free interest.
If you do this you may get back less than you deposited.
||Online, phone and branch
Additional information about the Fixed Cash ISA
- Fixed rate interest means the rate we pay will not change throughout the term.
- Interest paid monthly (may be at a lower rate) or annually on anniversary of account opening. This will not count towards your annual allowance.
- You can choose where your interest is paid: to your ISA, to another account with us or another bank or building society. Please note that if you arrange for your interest to be paid into a different account, any further interest you earn from this will be subject to tax.
- To have your interest paid to another account you first need to open your account online and then provide your instructions by calling us on 0345 602 0304 (Mon-Fri 8am-8pm, Sat 8am-6pm, Sun 9am-5pm). Alternatively, make an appointment in your nearest branch.
Transferring your ISA
- Existing ISA balances can be transferred into this account from another ISA provider, as long as you use our ISA Switching service. Previous tax year funds won't affect your current tax year allowance
- If you ask to transfer a flexible ISA in full and you have withdrawn all or part of any amount you paid in during a previous tax year, you will not be able to replace these withdrawals once the transfer process starts.
- If your transfer is delayed because your existing ISA has a notice period or restriction, your current provider will let us know when it will be free to move to us, and we’ll pay interest from that date
- Please be aware your current ISA provider may apply switching costs
- Do not transfer any ISA balance yourself otherwise you'll lose your tax benefits
- Cash ISA transfers must be completed within 60 days of account opening.
- You can fund your account as part of the Internet Banking application
- Over the counter at any Bank of Scotland branch
- As a money transfer from Bank of Scotland or another financial institution. (You will need to quote your new account details. External bank payments are only accepted via BACS).
- By posting us a cheque to the following address:
Bank of Scotland, PO Box 548, LEEDS, LS1 1WU
Please make your cheque payable to the account holders name and include your new account details on the reverse
- By transferring an existing ISA from another provider
Number of accounts
You can only subscribe to one cash ISA during any one tax year. The only exception is if you have opened a separate cash ISA to pay in an Additional Permitted Subscription allowance following the death of a spouse or civil partner.
- We will write to you before your maturity date to keep you informed
- If we do not hear from you, at the end of the fixed term, your account will convert into an Access Cash ISA without bonus, currently paying 0.50% tax free/AER variable
To open a cash ISA you must be 16 or over. You must be resident in the UK for tax purposes.
Other things to be aware of
- Opening a cash ISA affects the amount you can invest in a stocks and shares ISA and/or an innovative finance ISA
- You will need your National Insurance number to hand before you apply
Open a Fixed Cash ISA today.
|Term||If you are new to Internet Banking...||If you are an Internet Banking customer...
If you are looking to invest for more than 5 years why not consider investing in our managed funds.
Please note, from 2 September 2016, we are making some important changes to our account conditions and information.
We recommend that you download and read the account conditions (PDF) carefully as they form a legal contract with us. If there is anything you do not understand, please contact us before you agree to them (as part of the application).