2 Year Fixed Cash ISA

Lock your money away for two years in this cash ISA. It pays you a fixed rate of tax-free interest.

Who this account is for

  • Ideal for savers who are happy to not access their savings for two years and are ready to save at least £500.
  • You can open this account if you're 16 or over and a UK resident for tax purposes. You need a national insurance number.
  • You must not have already saved in a cash ISA this tax year, unless you're going to complete an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.

The benefits

  • Earn 0.30% tax free/AER fixed interest for two years on balances of £1 or more.
  • If you have Vantage on your current account you could get an exclusive rate. Your rate will show when you log in and apply or you can read about it in our rates PDF
  • Choose whether you'd like your interest paid each year or each month.

How it works

  • Open with £500 or more. Then save what you like within the first 60 days as long as it's within the ISA allowance. This is £20,000 this tax year across all your ISAs. Learn more about ISAs.
  • You can't withdraw money. You can close the account early or transfer your money to another ISA but you would be charged. The charge will be the same as 180 day's worth of tax-free interest. This means you may get back less than you put in.
  • After the two year term ends, the account will change to an ISA Saver.

Summary box for the Fixed Cash ISA

1. What is the interest rate?

0.30% tax free/AER for balances of £1 or more. Interest is fixed for the two year term.

You can choose to have this paid monthly, or after each year on the date you opened the account.

2. Can Bank of Scotland change the interest rate?

No. This account has a fixed rate of interest so the rate won’t change during the term.

3. What might the future balance be?

For example, if you deposit £1000.00 when you open the account, the balance after 24 months will be £1006.00.

This assumes:

  • You make the deposit on the day you open the account.
  • You don’t add any more money.
  • You don’t withdraw any money.
  • Interest is paid each year.
  • You keep your interest in this account.

4. How do I open and manage my account?

This account can be opened and managed:

  • online
  • on our app
  • in branch
  • by phone.

You can open this account if:

  • You're 16 or over and a UK resident for tax purposes.
  • You have a national insurance number.
  • You haven't already saved in a cash ISA this tax year, unless you're going to complete an ISA transfer. You would need to transfer over all the money you saved in this tax year. This includes Help to Buy: ISAs and cash ISAs with other banks.

Bear in mind:

  • You need to open the account with at least £500. Then save what you like within the first 60 days as long as you don't go over your ISA allowance. After the first 60 days you can't add more money.
  • You can transfer an ISA you have with us or another bank. Find out how to transfer an ISA.
  • The account has a two year term which starts on the day you open it.

Things to know about ISAs

As with all ISAs, there are some rules:

  • You can only save into one cash ISA in a tax year unless you do an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.
  • The ISA allowance is £20,000 this tax year. This means you can save up to £20,000 in total across your ISAs this tax year. Learn more about ISAs.
  • ISAs cannot be made joint.

5. Can I withdraw money?

You can't withdraw money. You can close the account early or transfer your money to another ISA but you would be charged. The charge will be the same as 180 day's worth of tax-free interest. This means you may get back less than you put in.

Any money you move to an account that isn't an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

If you change your mind, you have 14 days from opening the account to cancel it. You will get your money back without being charged.

After the two year term ends, the account will change to an ISA Saver. Before this happens, we'll contact you to explain your options and next steps.

6. Additional information

Tax free means you will not pay income tax on your interest.

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our savings glossary.

Open a 2 Year Fixed Cash ISA today

You should read the summary box and the terms and conditions (PDF) before you apply.

Open a Fixed Cash ISA

Other ways to apply:

Call us on 0345 602 0304. Lines open Mon to Fri 7am-10pm, Sat and Sun 8am-6pm.

Or, book an appointment at your local branch at a time to suit you.

Your money is protected by the FSCS