2 Year Fixed Cash ISA

Lock your money away for 2 years in this cash ISA. It pays you a fixed rate of tax-free interest.

Have Vantage on your current account? You could get exclusive rates

If you have Vantage added to your current account you could get an exclusive rate on our Fixed Cash ISA.

Your rate will be shown when you log in and apply, or you can read about it in our interest rates PDF.

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At a glance

table covering the basic information about this ISA

Who this ISA is for

The benefits

How it works

Who this ISA is for

You can open this account if:

  • You're aged 16 or over and you're UK resident for tax purposes with 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. This includes Help to Buy: ISAs and cash ISAs with other banks.
  • You’re ready to save at least £500.

The benefits

  • 0.55% tax free/AER.
  • It's a fixed interest rate so it won't change.
  • You can choose to have your interest paid annually or monthly.

How it works

  • Open with £500 or more. You can make as many deposits as you’d like within the first 60 days, up to £20,000.
  • ISAs have a limit of £20,000 this tax year. You can't pay more than this into any combination of ISAs within the same tax year. Learn more about ISAs.
  • You can close your account early or transfer your money to another ISA, but you will be charged the same as 180 days’ tax-free interest to make withdrawals. This means you may get back less than you put in.
  • Open and manage the account online, by phone or in branch.
  • After the two year term ends, the account will change to an ISA Saver.

Summary Box - Fixed Cash ISA

1. What is the interest rate?

It’s a fixed rate as shown in the table below

Interest rates for a fixed cash ISA

Your balance

Tax free

AER

Your balance

£1+

Tax free

0.55%

AER

0.55%

It’s a fixed interest rate. 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?

Below is an example of what the future balance might be, after interest has been paid:

Example of what future balance might be after interest has been paid

Initial Deposit

Tax free rate

Balance after 24 months

Initial Deposit

£1000

Tax free rate

0.55%

Balance after 24 months

£ 1,011.03 

This example assumes that:

  • Interest is paid into this account every year.
  • You add the money the day you open the account. You then don’t add any more money.
  • You don’t withdraw any money.

4. How do I open and manage my account?

This account can be opened and managed:

  • Online
  • By phone
  • In branch

You can open this account if:

  • You're 16 or over and resident in the UK for tax purposes.
  • You have a national insurance number.
  • You haven't paid into a cash ISA this tax year with us or another bank, unless you plan to transfer the money into this account.

Bear in mind:

  • You can only open this account in your sole name.
  • You need to open the account with £500 or more.
  • You can transfer over an ISA with us or another bank. To do so, open this account and then do an ISA transfer.
  • The term starts on the day you open the account.
  • You can make as many deposits as you like within the first 60 days, as long as you don’t exceed your ISA limit of £20,000.

As with all ISAs, there are some rules:

  • You can save up to £20,000 in a combination of permitted ISAs this tax year.
  • 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.

5. Can I withdraw money from this account?

If you change your mind, you can cancel the account free of charge within 14 days of opening.

No withdrawals are allowed, but you can close your account early or transfer money to another ISA at a charge. You will be charged the equivalent of 180 days’ tax-free interest to do so. 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.

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

6. Additional information

Savings terms explained

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 Rate Cash ISA

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

Open now

Your money is protected by the FSCS

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The Financial Services Compensation Scheme (FSCS) protects your money.

About our rates

Our interest rates can change. They were last updated 0.00am on 08/10/2019.

For a definition of AER, gross and other terms, view our savings glossary